Verstappen looks well on course to secure a fourth consecutive world title having won five of the eight grands prix so far in the 2024 season, and the Red Bull team would surely prioritise retaining his services above anything else.
But Perez's position has always seemed less secure, and after completing a trio of one-two finishes with Verstappen in the early part of the season, the Mexican has now dropped to fifth in the drivers' standings.
Carlos Sainz leads a long list of high-profile drivers looking for a ride in 2025 - the Spaniard set to be replaced by Lewis Hamilton at Ferrari - and he is one of a number of options the Milton Keynes-based team could take a look at.
But Red Bull advisor Helmut Marko says that Perez is in pole position to keep his place.
Perez 'first option'
"The talks are still ongoing, and Checo [Perez] is still our first option," he told Kleine Zeitung. "We want to have clarity on this before the summer break, although we're certainly not putting any pressure on ourselves."
Perez's existing contract expires at the end of the season, and it is understood the Mexican is pushing for a two-year extension, while Red Bull want a shorter-term commitment.
As well as Perez and Sainz, there has been speculation that Daniel Ricciardo or Yuki Tsunoda could join from Red Bull's sister team RB.
Tsunoda's contract includes several multi-year options, and Marko admitted that the Japanese would be at the front of the conversation should negotiations with Perez break down.
"He is, of course, also part of the talks," he said. "In general, we have several options in his contract to commit him for several years."