Mexican Sergio Perez has signed to race for Red Bull alongside Max Verstappen next year.
The 30-year-old, who took his maiden win in the Sakhir Grand Prix, replaces British-Thai Alex Albon, who will stay with the team as reserve driver.
Red Bull said Perez had signed "initially on a one-year contract".
"Alex is a valued member of the team and we thought long and hard about this decision," team boss Christian Horner said.
"Having taken our time to evaluate all the relevant data and performances we have decided that Sergio is the right driver to partner Max for 2021.
"Alex remains an important part of our team as test and reserve driver with a key focus on 2022 development and we would like to thank him for his hard work and contribution."
Red Bull decided Albon had not performed strongly enough in his 18 months with the team to justify continuing in a race seat.
And Horner said it had been "impossible to ignore Sergio's performance in Racing Point, particularly in the second half of the season".
He added that Albon was still a potential contender for a race seat in 2022.
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