Sergio Perez has lost his seat as world champion Max Verstappen's teammate at Red Bull after a frustrating and disappointing season.

Perez, who joined the team in 2021, came under increasing pressure as the 2024 Formula One campaign wore on, eventually finishing a whopping 285 points behind Verstappen as Red Bull surrendered their constructors' title to McLaren.

Verstappen clinched his fourth consecutive drivers' world title while Perez, 34, finished eighth in the standings, failing to finish in the top-five in his final 18 races for the team.

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

"We broke records, reached remarkable milestones and I've had the privilege of meeting so many incredible people along the way.

"A big thank you to every person in the team from the management, engineers and mechanics, catering, hospitality, kitchen, marketing and communications, as well as everyone at Milton Keynes. I wish you all the best for the future."

New Zealander Liam Lawson is reportedly set to replace Perez at Red Bull, having been drafted in to sister team RB midway through the last two seasons. The 22-year-old has only competed in 11 races.

Verstappen wrote on X: "It's been an absolute pleasure driving alongside you. We've had some amazing moments together that I'll always remember. Thank you, Checo!"

Team principal Christian Horner made no secret of the fact that Red Bull needed more from Perez amid his struggles which ultimately cost the Milton Keynes-based team the constructors' title.

But Perez played his part in the team winning the title in 2022 and 2023 and also famously helped Verstappen during his Abu Dhabi battle with Lewis Hamilton in 2021.

Horner praised the Mexican's role within the team.

"I would like to thank Checo for all he has done over the past four seasons," Horner said.

"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.

"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."