London, June 5 : Mexican driver Sergio Perez has signed a two-year contract extension and will continue at Red Bull Racing till the end of the 2026 Formula 1 season. Perez's existing deal ' signed in 2022 ' was set to expire at the end of the current campaign, but Red Bull have moved to keep him onboard for at least the next two terms.

The 34-year-old Perez is currently fifth in the 2024 Drivers' Standings with 107 points in the list topped by Max Verstappen of the Netherlands with 169 points.

The Mexican driver's decision to agree to a two-year contract extension comes amid a particularly busy driver market, with most outfits yet to confirm their full driver line-ups and plenty of conversations taking place behind the scenes. Perez, though, will be extending his stay at Red Bull into a landmark fifth season and beyond, having joined the squad from Racing Point ' now Aston Martin ' back in 2021.

Since then, Perez has taken five Grand Prix victories ' spread across 2021, 2022, and 2023 ' and bagged three pole positions, claimed over the latter two years. He finished a career-best second behind teammate Max Verstappen in the championship last season, helping Red Bull achieve a maiden one-two result alongside the constructors' title.

'I am really happy to commit my future to this great team. It is a challenge like no other racing for Oracle Red Bull Racing, both on track and off track. I am delighted to be staying here to continue our journey together and contribute to this team's great history for two more years. Being part of the team is an immense challenge, and one I love," Perez said of his contract renewal.

Red Bull team boss Christian Horner added: 'Now is an important time to confirm our line-up for 2025 and we are very pleased to continue working together with Checo.

'Continuity and stability are important for the team and both Checo and Max are a successful and robust partnership, securing our first ever one-two finish for the team in the championship last year", he said.

/IANS