Mexican Sergio Perez is set to replace Alexander Albon at the Red Bull Formula One team next season, according to media reports on Thursday.

The Speedweek website, owned by Red Bull's Media House, reported Perez had signed to replace the Thai youngster alongside Max Verstappen and the announcement would be made on Friday.

It said Albon would drop to the role of reserve driver and work in the simulator.

The Dutch newspaper De Telegraaf, which has close ties with Verstappen, reported the same.

There was no immediate comment from Red Bull.

Perez, a race winner in Bahrain this month, has lost his seat at Racing Point (Aston Martin) to four-times world champion Sebastian Vettel.

Albon has failed to match Verstappen's performances this season, with the Dutch driver winning two races and finishing third overall.

The 30-year-old Perez, the first Mexican to win a grand prix in 50 years, finished fourth. He had indicated he would take a sabbatical next year if he failed to find another F1 seat.