While Pérez signed a new contract with the team ahead of the Canadian Grand Prix, reporting indicates that the contract allows for Pérez to be moved into an ambassadorial role.

Sergio Perez’s time at Red Bull Racing appears to be over. According to ESPN, “Red Bull have decided to move on” after this Sunday’s 2024 Formula 1 season finale in Abu Dhabi. Perez failed to finish the Qatar Grand Prix on Sunday after he said his car lost forward drive as he attempted to accelerate for a green flag.

Even in the throes of a miserable run of form to end what he has labeled a “terrible” Formula One season with Red Bull, Sergio Pérez’s outward confidence about his future has never been shaken. On Thursday,

Mexican Formula 1 star Sergio Perez, one of the top drivers in the sport over the last five years, is expected to part with Oracle Red Bull Racing at the end of this season.

Perez signed a multi-year contract extension earlier this season, but his new terms did little to boost his deteriorating performances, and after a miserable second half of the campaign, ESPN report that Red Bull have made the decision to move on from the six-time Grand Prix winner.

Veteran driver Sergio Perez is reportedly leaving Red Bull at the end of the Formula One season. ESPN is reporting multiple sources confirmed Red Bull decided to move on from Perez after Monday's Abu Dhabi Grand Prix. Perez, 34, sits in eighth place in the Formula One drivers standings with one race remaining.

Sergio Perez knows the score and will come to his own conclusions about his Formula One future, Red Bull boss Christian Horner said after the Mexican fired another blank on Sunday with his time at the team seemingly close to an end.

Sergio Checo Pérez's poor performance this year has had direct consequences for Red Bull in the Constructors' Championship

Despite this, speaking after the Qatar GP, Horner confirmed that the decision to continue with the team was in Perez’s hands, as he provided an update on Red Bull's 2025 driver lineup.

Christian Horner said Sergio Perez is 'old and wise enough to know what the situation is' after another grim weekend for the Mexican, who failed to score points again in Qatar

Sergio Perez knows the score and will come to his own conclusions about his Formula One future, Red Bull boss Christian Horner said after the Mexican fired another blank on Sunday with his time at the team seemingly close to an end.