Sergio Perez expects to remain at Racing Point in 2020 with a deal set to be confirmed soon.

Due to his Mexican backers, the former McLaren driver only signs yearly contracts but is expected to spend a seventh straight season at the Silverstone-based outfit.

A year ago, it was Perez who initiated administration proceedings which led to the former Force India team becoming Racing Point following the takeover by Lawrence Stroll, and with that connection, now the 29-year-old is keen to stay and continue the rebuild process.

“I think things are settling down, my priority will be to continue with the team,” he told Motorsport Week in Hungary.

“[The deal is] not done yet, we are finalising it and you know in Formula 1 until it’s done it’s never done. [But] I see very good prospects for the future so I look forward to it.”

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With significant financial backing now behind the team, ambitions are high at Racing Point, particularly if the 2021 regulations offer the expected opportunities.

And Perez admits he wants to commit to a multi-year deal at the team.

“I think now the prospect and the ambitions of the team is very good,” he explained. "It will be very good to get a long-term deal here because I see that the team is going forward.

“I think it works both ways well, and we ideally would like to commit for a long-term deal, so hopefully we can work out the terms and everything.

“When you look around it’s definitely a good place to be. I’ve been [a] very long [time] with the team.

“I remember what a weekend I had last year and the administration process, I had all that here last year, so to come back here after one year and see where the team is and where the team is heading to I feel very proud of that.

“I definitely haven’t finished business, although I’ve been a long time with the team, I see more to come.”

Team boss Otmar Szafnauer also think the new owners may want to move away from single-year extensions with Perez.

“We’ve traditionally let drivers go if they have those opportunities but that was through the old ownership," he told Sky Sports.

“I haven’t asked the new ownership what their policy is on that, but you never want to stand in anyone’s way of progressing their career and themselves."

On whether Racing Point wanted to keep Perez alongside Lance Stroll, he added: “I don’t know, it’s a good question. I hope so.”