Red Bull is reportedly considering transferring Daniel Ricciardo back to their Milton Keynes-based outfit if Sergio Perez fails to emerge from his current slump.

The Mexican’s hopes for a long-term future with Red Bull appear to be in jeopardy. Perez, who signed a contract extension until 2026 earlier this season, has seen a sharp decline in performance in recent races.

Following a strong start with four podium finishes in the first five races, Perez has not finished in the top three since the Chinese Grand Prix. Meanwhile, teammate Max Verstappen has secured three pole positions and three wins in the last six races.

With two retirements and several finishes outside the podium, Perez has slipped to fifth in the driver's championship, with McLaren's Oscar Piastri closely behind.

The 34-year-old’s significant drop in performance has reignited speculation about a potential driver change at Red Bull.

According to a report by Auto Motor und Sport, a return for Daniel Ricciardo to his former team is being considered if Perez's struggles persist.

The report suggests that Perez's contract may include "strict performance clauses," while Red Bull motorsport advisor Dr. Helmut Marko hinted at a possible decision before the summer break.

Earlier this season, Ricciardo openly expressed his desire to return to Red Bull. Although his move to Visa Cash App RB was viewed as an opportunity to assess his performance after a challenging final year at Red Bull, he remains the only one among Red Bull’s affiliated drivers in F1 - including reserve driver Liam Lawson - without a contract for next season.

While Perez's contract extension initially seemed to close the door on Ricciardo's return, his recent struggles have reopened discussions.

Red Bull has alternative options, with Lawson waiting in the wings. However, Ricciardo's experience and previous success with Red Bull make him an attractive prospect, particularly considering RB’s track record of nurturing young drivers, which could potentially create an opening for Lawson.

The pressure is now on Perez to reverse his fortunes this season. The upcoming summer break could prove pivotal not only for the championship battle but also for Perez's future at Red Bull.

At Silverstone on Thursday, Red Bull team principal Christian Horner was asked directly if signing Perez early in the season had been a mistake.

“That’s a very tough question,” he told Sky Sports.

“Certainly, when you sign a driver, the terms of any agreement are not disclosed to the media.

“At that point in time, signing Sergio made perfect sense. This is a business where there's a lot of pressure to perform," added Horner.

"Sergio had a tough period, but his first five races were very competitive. It’s been the last five races that have been difficult.

“We want to see the Sergio from the first five races return. He knows that. He’s aware of it.

“He’s been working hard on it. He’s been in the simulator this week, working hard to understand where things haven’t been going well.

“What we’ve always seen from him is that resilience to bounce back. We hope to see that very soon.”

Will Perez rediscover his early-season form and cement his place with the team, or will Red Bull take a chance on Ricciardo's resurgence? Only time will tell.