Vijay Mallya reveals he has exercised option to retain Sergio Perez for 2015

Force India Team Principal Vijay Mallya says he has exercised his option to retain Sergio Perez for a second season.

The Mexican joined the team ahead of the 2015 season having being axed by McLaren after a single year with the Woking-based squad.

Perez scored the team’s first podium finish since 2009 in only his third race with Force India at April’s Bahrain GP and had publicly stated his desire to remain at the Silverstone-based outfit and establish himself.

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"I have a two-year contract with Sergio. I exercised the option and it is all over, so as far I'm concerned it's job done,” Mallya said.

"But we are talking about one additional year, and therefore is the whole point of negotiation. Simple and straightforward.

"The possibility came of extending Checo's (Perez's) contract for 2016 as well, and that is what is under negotiation."

Speaking to Sky Sports F1, Perez revealed he hoped an official announcement could be made in the coming days.

“To be honest I am not really worried,” he told The F1 Show. “I am in a good position with the team and I think it is just a matter of time. We want to confirm things quite soon, so hopefully in the next days we can announce things.”

Asked if he was speaking to any other teams he replied: “No.”

The 24-year-old has started 72 grands prix during his career with Sauber, McLaren and Force India, finishing on the podium four times.