Sergio Perez has signed a new two-year contract with Red Bull.
The deal is a reward for the Mexican's superb start to the current season, with the announcement coming hot on the heels of his triumph in Sunday's Monaco Grand Prix.
A delighted Perez said: “For me, this has been an incredible week, 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.”
After joining the team at the start of last season, Perez initially struggled to adapt to the car but slowly improved over the course of the campaign, going on to finish fourth in the drivers'
With the introduction of this year's new aerodynamic regulations, Perez has found the RB18 more suited to his driving style.
The win around the principality was his third in F1, making him the most successful Mexican driver in the sport's history.
It has also pushed him firmly into the hunt for this season's drivers' title as he trails team-mate Verstappen by just 15 points after the first seven races.
Commenting on the new contract, team principal Christian Horner said: “Since joining Red Bull, Checo has done a fantastic job.
"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.”