Verstappen became the youngest ever race winner in his inaugural season with the team in 2016, and the eight-time winner has since become an integral member of the Austrian squad, a driver whose determination to win truly embodies the Red Bull ethos.
While Honda has thus far only committed to 2021, Verstappen's contract extension suggests that he has been assured by the Japanese manufacturer, and Red Bull, that he will have a title-challenging package for the coming seasons.
With Charles Leclerc locked-in at Ferrari until the end of 2024, along with Lewis Hamilton, Verstappen has been the driver at the heart of most media speculation, the Dutchman widely seen as one of the hottest talents on the grid.
With continued speculation over Mercedes future, today's announcement effectively blocks another possible move for Hamilton should the German team opt not to continue. That said, amidst all the talk of the Briton heading to Ferrari, could a move back to (Mercedes powered) McLaren be on the cards in the next couple of years?
"I am really happy to have extended my partnership with the team," said Verstappen. "Red Bull believed in me and gave me the opportunity to start in Formula 1 which I have always been very grateful for.
"Over the years I have grown closer and closer with the team and besides the passion from everyone and the on-track performance it is also really enjoyable to work with such a great group of people.
"Honda coming onboard and the progress we have made over the last twelve 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."
"It is fantastic news for the team to have extended our agreement with Max up-to and including the 2023 season," added Christian Horner. "With the challenge of the 2021 regulation changes on the horizon continuity in as many areas as possible is key.
"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."