So far this year, the Mexican has shown rapid improvement with the RB20, having taken three second place finishes behind team-mate Max Verstappen.
He is starting to deliver as the perfect backup to his imperious Dutch team-mate which could be vital for when their rivals catch up and Red Bull end up needing two drivers who are at the top of their game.
It comes as a bit of a shock from a man who failed to break into the top two during the last eight races of the 2023 season.
The turnaround means has led to team principal Christian Horner sharing his backing for Perez after an impressive run.
“The whole driver market seems to be very early this year,” said Horner.
“Everybody seems to be rushing around and we're only four races into the year. We are not in a huge rush and obviously there's a significant amount of interest in our cars, as you would expect.
“Checo has the priority and it's going to be a few more races yet before we start to think about next year.”
Clearly Red Bull don't want to make a rash decision and jump into making a call on their 2025 lineup because their rivals are ahead of schedule this year.
If Perez loses his form after being given a contract extension, it could be very difficult to make a U-turn and back out of the move.