Cadillac seemed to be the most likely destination for Perez, with the new team on the grid bringing with them two extra seats for drivers for 2026, and team principal Graeme Lowdon confirming that Perez is one of the drivers they have been in talks with about taking one of those seats.
In the last couple of weeks, however, rumours have arisen about a potential move for the Mexican to Alpine, who are seemingly struggling to nail down a settled driver lineup for 2026.
Now, analyst Allard Kalff has suggested that quirks in executive advisor Flavio Briatore's contract make Perez even more of a tantalising prospect to replace Argentinian Franco Colapinto.
"Well, what's going on is that apparently Flavio Briatore has a contract that allows him to earn 'very little,' I believe one million a year, as a consultant," Kalff said on In de Slipstream on Viaplay. "But he also gets a nice commission for all the money he brings in.
Flavio Briatore is an executive advisor with Alpine
"Hence Colapinto was also suddenly in the picture. Now Briatore is not happy with Colapinto. I can understand that, because they thought he was suddenly going to make everything better, and now they're sitting there thinking, 'Yes, but why don't we take Perez? Because what do we really need with all these young riders? And now if we look at how Tsunoda and Lawson went with that second Red Bull, how bad was that Perez? Then wouldn't we be better off putting Sergio Perez next to Pierre Gasly, with a couple of big sponsors? Some big Mexican sponsors.'"
Alpine's driver lineup struggles
Following a 2024 season in which the team got rid of experienced driver Esteban Ocon, Alpine opted to sign reserve driver Jack Doohan to the seat alongside Pierre Gasly.
Doohan had been patiently waiting for his chance having been reserve driver in both 2023 and 2024, but the signing of Colapinto to the role of reserve driver ahead of the 2025 season put immediate pressure on the shoulders of Doohan.
However, Briatore has suggested that this may be the first of a few driver swaps in 2025, as the team try to perfect their lineup for 2026.
Colapinto has not got off to the best of starts in his first three races with the team, and is yet to score a point, with the 22-year-old also having suffered a couple of crashes.
The rumours surrounding Perez's availability to the team may signal a frustration beginning to rise from Briatore about the performances of both young drivers on the team's books.