Despite signing a new deal with the team earlier this year, the 34-year-old has faced significant pressure to hold on to his seat, with former Visa Cash App RB star Daniel Ricciardo previously linked with his spot.
Red Bull boss Christian Horner has consistently backed his underperforming driver throughout his slump, but has warned him that he must improve going into the final stint of the 2024 season.
Shock move 'not impossible'
Perez's drastic drop-off in performance has been magnified by the improvement of his rivals at McLaren over recent months.
Lando Norris and Oscar Piastri have emerged as one of the top driver parings on the grid, with their consistency enabling the team to overhaul Red Bull at the top of the standings.
The former is also in a battle for the drivers' championship with Red Bull star Max Verstappen, with just 57 points separating the duo going into the Mexican GP.
McLaren will be doing everything they can to secure a historic double world title, but by doing so, will likely have to prioritise Norris..
There has already been some tension brewing behind the scenes at the British outfit, with both drivers left frustrated by team orders at various points throughout the season.
And just weeks after Drive to Survive icon Guenther Steiner warned of potential problems to come in the future, a former motorsport racer has had his say.
Ex-Minardi star Christian Fittipaldi - nephew of two-time F1 champion Emerson Fittipaldi - believes Piastri could be a shock contender to take over from Perez should Red Bull decide to make a change in the cockpit.
Piastri is currently contracted with McLaren until the end of 2026, which would make him a surprising candidate for next year, but Fittipaldi believes the Aussie may not be content with playing the role of a second driver at the team.
Speaking on the Pelas Pistas podcast, he hinted that the Australian may become frustrated at McLaren if he is forced to play second fiddle to his team-mate next year.
"At the end of the year, I certainly don't see it as impossible that Oscar Piastri will take Pérez's place at Red Bull for next year," said the Brazilian.
“Piastri might get a bit tired of the situation at McLaren. Then he will say: 'Thanks for the help, but I have to think about myself'."