Sergio Perez has reportedly signed a contract to drive for the new Cadillac F1 team in 2026 after reports emerged last month that the Mexican racer was in talks with the American squad. Perez was dropped by Red Bull at the end of the 2024 campaign following a miserable end to the season. The 35-year-old failed to score a top-six finish in the final nine rounds of the calendar, leaving Red Bull powerless to fight McLaren and Ferrari ahead of them.

The decision from Red Bull’s leadership team left Perez without a place on the grid in 2025, and in a rare interview after leaving the team, the Mexican driver explained that there was no guarantee that he would return in 2026 either. However, this does not seem to be the case. According to a report from German news outlet BILD, Perez has already signed a contract with Cadillac and will represent F1’s newest organisation in 2026. The American team are planning an official presentation at the Miami Grand Prix this weekend, although it remains to be seen whether or not the six-time race winner will also be unveiled.

With Perez reportedly snapped up, Dan Towriss and Mario Andretti have seemingly achieved their aim of securing an experienced F1 driver to help spearhead development during Cadillac’s first season on the grid.

This likely spells bad news for Valtteri Bottas and Kevin Magnussen, who are both targeting a return to the F1 grid with Cadillac after losing their seats with Sauber and Haas, respectively. The paddock now waits with bated breath to see who will partner Perez in 2026.

The leading contender is Colton Herta. The IndyCar sensation drives for Andretti, whose name was previously attached to General Motors’ F1 project, and has demonstrated immense talent throughout his fledgling career. He still stands as the series’ youngest-ever race winner.

However, he is not the only option. Mick Schumacher, Frederik Vesti and Zhou Guanyu are also vying for the seat alongside Perez, and according to former F1 star Juan Pablo Montoya, the latter is a compelling contender.

“I think Sergio Perez would be a great fit for Cadillac, and I bet you money the next guy might be Zhou Guanyu,” he told Instant Casino. “They would be a perfect fit. Guanyu is the Ferrari reserve. So, he'll be driving, developing and working. He'll know everything about Ferrari, and they're going with a Ferrari engine.

“So, if you look at it from that point of view, it would make sense. People say Cadillac should get an American. I think it would be crazy if Colton Herta decided to come to F1. I don't think it would be as easy as he thinks. For speed, I think Herta has enough speed and [can] be good enough speed-wise to do it. But understanding going from IndyCar to this is such a different change.”