The 34-year-old was involved in winning two constructors' World Championships with Red Bull and finished second last year behind the four-time world champion and teammate Max Verstappen.
He started the year by reaching the podium four times in the first five races, but since then has not finished better than sixth in a race.
The last time he won a race was in 2023. In total, Peréz won five GP races – two in Baku – behind the wheel of a Red Bull car.
The Mexican's poorer form this year was one of the reasons why both McLaren and Ferrari managed to overtake and win the constructors' World Championship. Individually, Peréz finished eighth.
There have been rumors for a long time that he would not be allowed to continue in Red Bull, the team he joined in 2021.
Liam Lawson, from New Zealand, is seen as the favorite to replace Peréz.
