Red Bull announced Wednesday that under-pressure Mexican driver Sergio Pérez has departed the Formula One outfit after four seasons, with Liam Lawson tipped to become world champion Max Verstappen's new teammate.

Pérez, 34, joined Red Bull in 2021 and helped the team earn two constructors' titles and completed a drivers' standings one-two with four-time world champion Verstappen in 2023.

He won five Grands Prix over 90 starts in Red Bull colours, including a victory at the Monaco GP and a double in Azerbaijan.

During the 2024 season, Pérez and Red Bull signed a contract extension, tying the pair together until 2026.

However, the Guadalajara-native's form dropped drastically after that deal and he picked up just nine points from his final eight race weekends.

This dip in form led to rumours about his future in the team.

He came eighth in the drivers' standings as Red Bull surrendered their team title to McLaren with a third-placed finish.

Pérez was adamant during his difficult period that he would stay with the team for next season but he will now part ways with Red Bull with immediate effect.

"I'm incredibly grateful for the past four years with Red Bull Racing and for the opportunity to race with such an amazing team," Pérez said. "Driving for Red Bull has been an unforgettable experience and I'll always cherish the successes we achieved together."

The veteran will not have a seat on the grid next season, but it remains to be seen whether he will sign a deal elsewhere for 2026.

"A special thank you to the fans around the world, and especially to the Mexican fans for your unwavering support every day. We'll meet again soon. And remember – never give up," Pérez added.

Verstappen hailed his former teammate on social media.

"It's been an absolute pleasure driving alongside you", the Dutchman wrote. "We've had some amazing moments together that I'll always remember. Thank you, Checo [Pérez]!"

Red Bull said that "announcements regarding the team's full 2025 line-up will be made in due course".

New Zealander Lawson, who currently drives for Red Bull sister team Racing Bulls, is considered the favourite to replace Perez.

The 22-year-old has earned three top-10 finishes so far in his fledgling F1 career.

"I would like to thank Checo for all he has done for Red Bull Racing over the past four seasons," Red Bull team principal Christian Horner said in a statement.

"From the moment he joined in 2021 he proved himself to be an extraordinary team player, helping us to two constructors' titles and to our first 1-2 finish in the drivers' championship," the statement went on to read.

"While Checo will not race for the team next season, he will always be an extremely popular team member and a treasured part of our history. Thank you, Checo." (AFP)