Perez’s two-year extension is a reward for his excellent start to the 2022 season.

The Mexican was on pole position at the Saudi Arabian Grand Prix and then claimed his first victory of the year at last weekend’s Monaco Grand Prix.

Perez's new deal comes as no surprise after he leaked it after his win in Monaco.

Was Perez’s win BAD for Red Bull?

The 32-year-old was heard joking to Red Bull team principal Christian Horner that he had signed his new contract too early given that he had just won in the principality.

After a difficult first year with the team, Perez has adapted well to Red Bull’s 2022 challenger, even putting him in title contention after the opening seven rounds of the season.

Perez sits just 15 points behind championship leader and teammate Max Verstappen going into the Azerbaijan Grand Prix which takes place next weekend. 

Red Bull lead the constructors’ championship by 36 points ahead of Ferrari.

Speaking of the news, Perez said: “For me, this has been an incredible week, winning the Monaco Grand Prix is a dream for any driver and then to follow that with announcing I will continue with the Team until 2024 just makes me extremely happy.

“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. We have built tremendous momentum as a Team and this season is showing that, I am excited to see where that can take us all in the future.”

Horner added: “Since joining Oracle Red Bull Racing, Checo has 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.

“This year he has taken another step and the gap to World Champion Max has closed significantly, evidenced by his superb pole position in Jeddah earlier this year and by his wonderful win in Monaco just last weekend. 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. In partnership with Max we believe we have a driver pairing that can bring us the biggest prizes in F1.”