He went eight races without a top-two finish in the most dominant car on the grid, but 2024 has marked a return to form for Perez who has been part of three one-two finishes in four grands prix.
Without a race win in over a year, he could still do with a weekend where he beats Max Verstappen on track to really consolidate his position within the team, but for now, his current pace will do.
If Red Bull opt against retaining him, there will be plenty of opportunities and projects elsewhere on the F1 grid if he would like to continue his career beyond a 14th season.
Sky Sports F1 pundit Martin Brundle has been impressed by Perez so far this season and the improvement in his form.
“Yeah, to an extent, he didn't win Australia when Max's car failed, which is what Red Bull would want him to do,” said Brundle. “He's clearly more comfortable with this car and himself and driving nicely.
"I mean, we don't know what's going to happen either, do we? It seems to be calming down a lot. The concept of Max having some kind of key man or management clause in his contract where he can exit should he want to.
“That would create a whole new conversation but let's assume that's not happening at the moment. I think commercially it's very useful for Red Bull to have Sergio Perez in the car, as well as he's very experienced,” he continued.
“He doesn't throw it in the wall a lot and he doesn't really trouble Max. He's fast enough to keep Max on his toes, but not to really trouble him. He's perfect driver in that seat at the moment.
"So, I think there's a reason why Sergio has been in that car so long. And that's because he suits Red Bull and what they need at the moment.
"And I don't think that's particularly changed, unless they think somebody else is coming on where they must take the opportunity."