Sergio Perez, fresh off his win in Monaco GP, had more reason to celebrate as Red Bull announced a contract extension with the Mexican which will keep him alongside Formula One world champion Max Verstappen until 2024.

Verstappen himself signed a new deal with Red Bull which runs until the end of 2028 after the Dutch driver signed a five-year extension in March.

Perez became the most successful Mexican driver in F1 with his win in Monaco, the third of his career.

He took his first F1 pole position in Saudi Arabia in March and has had four podium finishes in seven races so far this year.

A Sergio Perez contract extension was inevitable as Red Bull leads both the Drivers and Constructors Championships over Ferrari this season.

“For us, holding onto his pace, race craft and experience was a no-brainer and we are delighted that Checo will continue to race for the team until 2024,” said team boss Christian Horner in a statement.

Verstappen had already hinted on Sunday at the Mexican getting a new deal. “I think what you did today might help. Just a little bit,” he said after the race.

That win was Perez’s second since he joined Red Bull for the 2021 season, with Horner saying the Mexican had done a ‘fantastic job’.

“Time and again he has proved himself to not only be a magnificent team player but as his level of comfort has grown he has become a real force to be reckoned with at the sharp end of the grid,” said the Briton.

“This year he has taken another step and the gap to world champion Max has closed significantly.”

Perez has quickly caught up with the pack and sits third overall just 15 points behind championship leader Max Verstappen.

He came close to being out of a job in 2020 after Racing Point did not offer him a seat before Red Bull threw him a lifeline by offering him a drive in place of Alex Albon.

“This has been an incredible week,” he said.

“I am so proud to be a member of this team and I feel completely at home here now. We are working very well together and my relationship with Max, on and off the track, is definitely helping drive us forward even more.