Ricciardo has been back with the Red Bull family since 2023, and replaced Nyck de Vries at the 'junior' team Visa Cash App RB midway through last season.
Since, he has been outscored by team-mate Yuki Tsunoda, though has shown improved form of late in 2024.
Perez, meanwhile, has continued to be outclassed by Max Verstappen, but now performances, including several Q1 exits and zero point races, are jeopardising Red Bull's grip on the constructors' title as rivals close in.
As the likes of McLaren, Mercedes, and Ferrari compete for race wins, the Milton Keynes team cannot tolerate the Mexican's dire form endlessly.
He is currently sixth in the standings, just eight points clear of eighth-placed Lewis Hamilton having scored just 15 points from the last six events.
The likes of Ricciardo and Red Bull junior Liam Lawson have been touted as potential replacements for Perez, though both have their shortcomings with Lawson inexperienced and Ricciardo not the same driver who left the outfit in 2018.
However, according to AMuS journalist Michael Schmidt, speaking on the Formel Schmidt podcast, Horner’s ‘dream’ would be to axe Perez and promote Daniel Ricciardo back to the team, who he regards the Australian as his ‘protégé.’
“Christian Horner naturally dreams of getting his protégé Ricciardo in there,” said Schmidt.
The Australian, now 35, made a stellar debut under Horner at Red Bull a decade ago, but has struggled to show consistency since leaving Renault for McLaren at the end of 2020.
“But Ricciardo drives similarly with similar problems," he added. "He has a pretty decent race now and then, like in Austria, Montreal and Miami. But three races out of 12 where he was good in is not enough."
The decision as to who partners reigning champion Max Verstappen could be made over the summer break, leaving the protagonists just two races to sink or swim.