Mexican Formula One driver Sergio Perez will race for Red Bull Racing for next season, the team confirmed on Friday.

The move for Perez means Malaysian Alexander Albon will be without a drive next season.

"Red Bull Racing can today confirm that Sergio Perez will join the Team and race alongside Max Verstappen in the 2021 FIA Formula One World Championship," the F1 team said in a statement.

"Current driver Alex Albon remains an important member of the Team and takes on the role of Red Bull Racing Test and Reserve Driver with a key focus on 2022 development, simulator work and tyre testing," it added.

Perez made his debut in 2011 with Sauber and won his first podium in 2012 at the Malaysian Grand Prix. He joined McLaren for the 2013 season and moved to Force India in 2014, which later was renamed as Racing Point for the 2019 season. He finished fourth in the Drivers' Championship in 2020 with 125 points behind Verstappen.

In this decade-long career in F1, Perez has won 10 podiums and took his first race win at the Sakhir Grand Prix in November, 2020.