Sergio Perez will race for Red Bull until at least the end of the 2024 Formula One season after signing a new deal following his triumph at the Monaco Grand Prix.

The Mexican put pen to paper on fresh terms during race weekend, as he went on to earn the third victory of his career in a rain-soaked race at the weekend.

The 32-year-old sits third in the driver standings this season, just 15 points off team-mate and leader Max Verstappen.

"For me, this has been an incredible week," Perez said in an official statement.

"Winning the Monaco Grand Prix is a dream for any driver and then to follow that with announcing I will continue with the team until 2024 just makes me extremely happy.

"I am so proud to be a member of this team and I feel completely at home here now. We are working very well together and my relationship with Max, on and off the track, is definitely helping drive us forward even more.

"We have built tremendous momentum as a team and this season is showing that, I am excited to see where that can take us all in the future."

Initially entering F1 in 2011 with the Australian Grand Prix, Perez worked through a succession of teams in the sport, including Sauber, McLaren, Force India, and Racing Point.

The Mexican looked poised to be without a seat for 2021 after the latter confirmed he would be replaced by Sebastian Vettel following the team's transition to Aston Martin.

But a shock maiden victory at the 2020 Sakhir Grand Prix earned him a drive with Red Bull and saw him set a record for the most races before the first win in F1, with 190.

Since his move to Red Bull, he was won two more, including Monaco, and will seek to defend the trophy he won in Baku last year at next month's Azerbaijan Grand Prix.

"Since joining Red Bull, Checo [Perez] has done a fantastic job," said Red Bull boss Christian Horner.

"Time and again he has proved himself to not only be a magnificent team player but as his level of comfort has grown he has become a real force to be reckoned with at the sharp end of the grid.

"This year he has taken another step and the gap to world champion Max has closed significantly, evidenced by his superb pole position in Jeddah earlier this year and by his wonderful win in Monaco just last weekend.

"For us, holding onto his pace, race craft and experience was a no-brainer and we are delighted that Checo will continue to race for the team until 2024. In partnership with Max, we believe we have a driver pairing that can bring us the biggest prizes in F1."