Veteran driver Sergio Perez is leaving Red Bull Racing after this season, ESPN reported on Monday.
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Perez, 34, sits in eighth place in the Formula 1 drivers standings with one race remaining.
The 2024 F1 calendar concludes on Sunday with the Abu Dhabi Grand Prix.
Perez has zero wins this season and all four of his podium finishes came in the season's first five events.
After Perez's 17th-place showing at Sunday's Qatar Grand Prix, team boss Christian Horner discussed the Mexican driver's future at Red Bull.
"I'm going to let Checo come to his own conclusions; nobody's forcing him one way or another," Horner said. "It's not a nice situation for him to obviously be in."
Perez signed a contract extension for 2025 earlier this year and can't be fired outright, according to ESPN.
He can be moved into an ambassador's role, however, if he opts to remain at Red Bull.
Perez, who joined Red Bull in 2021, has recorded six wins and 39 podium finishes since making his F1 debut in 2011.
His last victory was the 2023 Azerbaijan Grand Prix.