Max Verstappen will remain with Red Bull Racing until at least the end of the 2023 Formula 1 season after signing a contract extension with the team.

Verstappen, 22, was set to enter the final year of his existing Red Bull contract in 2020, but has now put pen to paper on a new deal that will see him remain with the team for three more years beyond this season.

"I am really happy to have extended my partnership with the team. Red Bull believed in me and gave me the opportunity to start in Formula 1 which I have always been very grateful for," Verstappen said.

"Over the years I have grown closer and closer with the team and besides the passion from everyone and the on-track performance it is also really enjoyable to work with such a great group of people.

"Honda coming onboard and the progress we have made over the last 12 months gives me even more motivation and the belief that we can win together.

"I respect the way Red Bull and Honda work together and from all sides everyone is doing what they can to succeed. I want to win with Red Bull and our goal is of course to fight for a World Championship together."

Red Bull team principal Christian Horner added: "It is fantastic news for the Team to have extended our agreement with Max up-to and including the 2023 season. With the challenge of the 2021 regulation changes on the horizon continuity in as many areas as possible is key.

"Max has proven what an asset he is to the team, he truly believes in the partnership we have forged with our engine supplier Honda, and we are delighted to have extended our relationship with him.”

Verstappen joined Red Bull's junior programme in 2014 before quickly being parachuted into an F1 seat with its sister team, Toro Rosso, the following year.

A shock promotion to Red Bull four races into the 2016 season paid off immediately as Verstappen won the Spanish Grand Prix on his Red Bull debut, adding seven further victories since, the most recent coming in Brazil two months ago.

Verstappen had been linked with a possible move to either Mercedes or Ferrari for the 2021 season, only for his confirmation at Red Bull to snuff out such talk early and prevent it continuing into silly season.

The deal also marks a big show of faith from Verstappen in the Red Bull-Honda project that started last year, allowing the Dutchman to take three wins en route to third place in the drivers' championship, marking his best season to date in F1.