Perez, 34, joined Red Bull in 2021 and helped the team earn two constructors' titles and completed a drivers' standing one-two with four-time world champion team-mate Max Verstappen in 2023.
"I would like to thank Checo (Perez) for all he has done for Oracle Red Bull Racing over the past four seasons," Red Bull team principal Christian Horner said in a statement.
"From the moment he joined in 2021 he proved himself to be an extraordinary team player, helping us to two Constructors' titles and to our first 1-2 finish in the Drivers' championship.
"While Checo will not race for the team next season, he will always be an extremely popular team member and a treasured part of our history. Thank you, Checo."
Perez won five Grands Prix in Red Bull colours, including a victory at the Monaco GP and a double in Azerbaijan.
However, his form dipped in the 2024 season leading to rumours about his future in the team.
He came eighth in the drivers' standings as Red Bull surrendered their team title to McLaren with a third-placed finish.
"I'm incredibly grateful for the past four years with Oracle Red Bull Racing and for the opportunity to race with such an amazing team," Perez said.
"Driving for Red Bull has been an unforgettable experience and I'll always cherish the successes we achieved together.
"A big thank you to every person in the team... I wish you all the best for the future.
"It has also been an honour to race alongside Max as a teammate all these years and to share in our success."
Red Bull added in their statement that "announcements regarding the team's full 2025 line-up will be made in due course".
Verstappen hailed his former team-mate on social media.
"It's been an absolute pleasure driving alongside you", the Dutchman wrote.
"We've had some amazing moments together that I'll always remember. Thank you, Checo!"
Red Bull said that "announcements regarding the team's full 2025 line-up will be made in due course".
New Zealander Lawson, who currently drives for Red Bull sister team Racing Bulls, is considered the favourite to replace Perez.
The 22-year-old has earned three top-10 finishes so far in his fledgling F1 career.
Lawson's fellow RB driver Yuki Tsunoda of Japan could also be in line for a promotion to the senior team, after the 24-year-old took part in post-season testing in Abu Dhabi for Red Bull.