After a lacklustre season behind the wheel, leaving Red Bull struggling to keep hold of their constructors' championship, Perez could be moved out for a younger prospect.
Speaking to Flashscore, former F1 driver Johnny Herbert feels that time has run out on the partnership between the pair and despite the Mexican rumoured to be talking to other teams, the former Sky Sports pundit feels he will struggle to find a race-winning seat again.
Herbert explained: "There seems to be a will at Red Bull to give him another chance which I don’t quite understand.
“It has got to a point where it just hasn’t happened. I get he wants to race against the best in Max, but it hasn’t worked out really. This year it has just petered out.
“Has he had other offers? Potentially. But are they teams who would give him a chance of winning a race? No. Absolutely not.
“Christian (Horner, Red Bull team principal) certainly seems to want to keep him which I find confusing. Everybody switching on to watch the race on Sunday will know that any team needs two good drivers.
“Ferrari will have two next year in Lewis (Hamilton) and Charl (Charles Leclerc), Lando (Norris) and Oscar (Piastri) at McLaren are doing very well, Kimi (Antonelli) and George (Russell) at Mercedes look like a potentially good pairing. Red Bull needs two who are capable of being thereabouts. Max (Verstappen) is the only one who is getting those constructors’ points.”
If Perez does leave Red Bull, the next question will be who will replace him and partner Verstappen at Red Bull.
Liam Lawson and Yuki Tsunoda, both at sister team Visa Cash App RB (VCARB), would be the likeliest choices given Red Bull's penchant for promoting from within. But Herbert believes there is another person on the grid worthy of the seat.
He said: “Franco Colapinto is the one everyone is talking about. Are there any question marks about him in F1? Not really. The way he has come into F1, and the consistency he has shown is very impressive.
"Could be a Max beater? We don’t know. He races very well, and a driver who can race well will be a hot property.
Off the track, Max's father Jos Verstappen - an almost ever-present in the paddock - has locked horns with plenty of people around the sport with his divisive behaviour.
Herbert was one of those to cross swords with the Dutchman, but the former Jaguar driver still respects his on-track rival.
Playing down the tension between the two, Herbert remarked: “I don’t think we have a beef with each other. It is everyone else stirring it up around us. We both have our opinions. As far as I am concerned my relationship with Jos hasn’t changed. I like him. I have known him for a very long time.
“I love his sense of humour, and it is wonderful to see a father relish the enjoyment of his son’s achievements.
“I do not have a problem with Jos. I think it is the same the other way around. If we saw each other in the paddock, I am sure we’d say ‘Hi’ and shake hands. He protects his son, and I respect him for that. You’d expect him to.”
Asked whether the pair could enter the ring for the ever-popular celebrity boxing bout, he responded: "If it did, I’d make sure he would have mittens, and I would have the heaviest gloves you could buy. It would be one way!