After losing his drive with Red Bull at the end of 2024, the Mexican has been flagged as one of the favourites for the all-new Cadillac F1 operation.

However, multiple sources have confirmed to Speedcafe that suggestions that Perez will be announced this weekend as the team’s first driver are wide of the mark.

While Cadillac continues to work feverishly behind the scenes ahead of its F1 debut next season, it remains some way off being ready to make any driver decisions, let alone any announcements.

However, it is understood that discussions are underway with Perez amid suggestions of a three-year deal.

There is strong logic in such a move, given the 35-year-old has contemporary (if not current) F1 experience with a winning team that would prove valuable to the start-up operation.

However, he’s not the only driver under consideration as team boss Graeme Lowdon casts a wide net for prospective pilots.

Timeline reveals extraordinary Cadillac F1 entry saga

“It’s important for us to talk to a number of potential candidates,” Lowdon said in March.

“Do we see experienced, capable drivers, very talented drivers who currently aren’t on the grid? Yes, we do.

“So we’ve been quite busy talking to a few people. My phone’s certainly been busy, that’s for sure.

“What’s a little bit difficult because of the situation that we’re in as a new team is that the timeline isn’t as laid out as it normally is.

“It’s normally quite clear for all of us involved in driver negotiations. We’re out of sync with those discussions, just purely because of history.

“But, there are easily half a dozen, if not more, candidates out there who offer extremely good credentials to be in Formula 1 or to be in Formula 1 again.”

Zhou Guanyu has been heavily linked with the American team given his links to both Ferrari, where he is a reserve driver, and Cadillac team principal, Graeme Lowdon.

China is a critical market for the American auto-maker, which is lending its name to what was originally the Andretti F1 effort.

The American market is also key for Cadillac, with IndyCar ace Colton Herta long considered the most likely local driver to make the leap to F1.

Valtteri Bottas has also been flagged as a potential candidate, though he is thought to be an outsider.

Cadillac has also committed to becoming a power unit manufacturer, too, with a planned entry in 2029.

While it is entirely plausible that Perez will drive for Cadillac for 2026, claims that the deal is done and will be announced this weekend appear to be tied to a launch event planned for Saturday evening.

However, the red-carpet event is simply the American operation launching its F1 operation as the world championship makes its first visit to the United States since Cadillac was finally given the green light by Formula 1 Management.