Monaco winner Sergio Perez has extended his contract with Formula 1 team Red Bull by two years until the end of 2024.

The racing team announced the 32-year-old Mexican's signature on Tuesday, two days after his success at the Monte Carlo Grand Prix.

Perez has been driving alongside world champion Max Verstappen for Red Bull since last year. After seven races this season, he is third in the overall World Championship standings behind Verstappen and Ferrari driver Charles Leclerc.

Last year he finished fourth in the World Championship.

With his triumph in Monaco, the third Grand Prix victory of his career, Perez is now the most successful Mexican in the history of Formula 1. It was said that he had already signed his new contract before the race in the principality.

Perez has improved again this year and "significantly reduced the gap to teammate Verstappen," said team boss Christian Horner.

Perez raved about an "incredible week" in the message.

He now feels at home with Red Bull.

The veteran from Guadalajara is already in his twelfth season in Formula 1. He was first hired by the Swiss Sauber team in 2011.

This was followed by assignments for McLaren and Force India and its successor Racing Point.