Perez did not score a podium since the Chinese Grand Prix in April, and finished eighth in the drivers' championship, 285 points behind team-mate Max Verstappen, who wrapped up his fourth consecutive world championship title.
All four of those titles have been won with Perez at the Dutchman's side, yet Perez has only managed to claim five grand prix victories in that time despite driving the same car as his supreme team-mate.
Will Perez return to F1?
The next step in Perez's racing career currently looks uncertain, with no seats available outside of the Red Bull set up and team principal Christian Horner suggesting that he will remain part of the Red Bull brand.
His performances in 2023 and 2024 are unlikely to attract any suitors within the near future, but two more seats are set to open up on the F1 grid from 2026, with Cadillac being confirmed to be joining the sport.
Horner also revealed that a move to Red Bull's sister team VCARB wouldn't be 'suitable' for Perez at the current stage of his career - with the Mexican now being 34 and the team more used to develop young Red Bull talent.
However, Perez has recently been showing off a variety of brand deals on his Instagram page, advertising a number of products, with his latest Instagram story celebrating a stunning new release - even if the timing is rather bizarre.
Disney's Mufasa drops in cinemas on December 20, perfectly in time for Christmas, and the Mexican racer has taken to his social media page to sport a Mufasa-inspired T-shirt.
The advert for the film includes the words "Solo en cines" - or 'only in cinemas' in English.
The film isn't the only release the Perez needs to come to terms with this week, as his F1 career looks to have been dealt an almighty blow.