Max Verstappen has signed a new contract with Red Bull, keeping him at the Formula 1 team until 2023.

The 22-year-old Dutchman's deal was due to expire this year, and he had been earmarked as a potential candidate to replace Lewis Hamilton at Mercedes if the six-time world champion, also out of contract at the end of the season, moves to Ferrari.

But eight-time grand prix winner Verstappen has now committed his long-term future to Red Bull.

His move to continue his relationship with Red Bull follows Charles Leclerc signing a five-year contract extension with Ferrari last month.

Verstappen, who finished third in the championship last season, believes Red Bull can help him challenge for the World Drivers' Championship. 

"I am really happy to have extended my partnership with the team," he said.

"Red Bull believed in me and gave me the opportunity to start in Formula One which I have always been very grateful for.

"Honda coming on board and the progress we have made over the last 12 months gives me even more motivation and the belief that we can win together.

"I respect the way Red Bull and Honda work together and from all sides everyone is doing what they can to succeed. I want to win with Red Bull and our goal is of course to fight for a World Championship together."

Red Bull team principal Christian Horner expressed his satisfaction with Verstappen's decision to sign a new deal.

"With the challenge of the 2021 regulation changes on the horizon continuity in as many areas as possible is key," he said.

"Max has proven what an asset he is to the team, he truly believes in the partnership we have forged with our engine supplier Honda, and we are delighted to have extended our relationship with him."