Seven points above last-placed AlphaTauri, the VF-23 has not produced many moments of note this year for the team, with the car especially struggling with higher than average tyre degradation.
But Magnussen has warned people not to get ahead of themselves, as he poured cold water over the idea of the upgrade providing an overnight miracle cure.
“It’s a tight fight with those guys but we’ve got to hang on and try our best to get them back,” he said.
“We get an upgrade next race and we’re all very happy about that, and excited to work with that upgrade.
“We’re not expecting a miracle for the first race maybe, and it might take a race or two to really get the most out of it, but there’s still some positive stuff to look forward to.”
Team principal Guenther Steiner is also hopeful that the upgrade will benefit the team, as he targets a final push in the five races remaining in 2023.
"We’ll come back in Austin with the upgrade and hopefully it works and at least we know we’re doing things to move forward," Steiner said.
"We’re not sitting here waiting for the end of the season. We will work hard until the end of the season.”