The German driver has emerged as the frontrunner to partner Lance Stroll for the British and 70th Anniversary races at Silverstone over the next two weekends.
Perez is currently in self-isolation after testing positive for Covid-19, with Hulkenberg now understood to be the team's preferred option as a replacement.
Although Racing Point has Esteban Gutierrez and Stoffel Vandoorne on its reserve list, the team is believed to be concerned by the fact the former has not driven in a grand prix for almost four years, while the latter is in Berlin with Formula E.
Hulkenberg only stepped out of F1 at the end of last season after Renault signed Esteban Ocon, with the 32-year-old well known to Racing Point after previously racing for the Silverstone-based team when it was previously known as Force India, initially in 2012 and again from 2014-16.
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If given the nod, Hulkenberg will benefit from the UK government's decision this week to extend the isolation period for those who have tested positive for Covid-19 from seven to 10 days.
Perez would have been able to return to the cockpit of the RP20 for next Friday's practice sessions for the 70th Anniversary Grand Prix at the Silverstone circuit if he had to quarantine for just seven days.
But the fact it is 10 days, means his period of self-isolation runs into next weekend, affording Hulkenberg a second run out.
Explaining the situation behind Perez's test, FIA race director Michael Masi said: "Firstly, and most importantly, our thoughts are with Sergio at this time.
"Yes, he has tested positive for Covid-19. The main part is the FIA protocols that have been developed for the return to motorsport have shown that the rigorous testing regime we have for the benefit of the entire community has come to the fore.
"It's unfortunate that one of our own has tested positive, however, importantly the show will go on. We are working with the team, and all the various processes that exist regarding change of drivers, and that will all come to fruition in the morning."
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