Red Bull has impressed this season with its excellent stability through fast corners and high top speeds, but its RB19's qualities will play less of a role through the principality's twisty streets.
Amid suggestions that Monaco is the one track where its rivals have a shot at ending Red Bull's clean sweep of 2023 race wins, Perez admitted he expects the Milton Keynes outfit to struggle more than usual.
"We certainly know that it's not our strongest circuit," Perez said. "We know that we will struggle a bit to show our strengths.
"I think come Saturday you really need that good warm-up on your tyre. That definitely is the key around here. Let's say it's not our strongest circuit, but we will see; it's still Monaco and anything can happen.
"Certainly, I think Fernando [Alonso], the Ferraris, I do expect them to be quite strong as well - like they were in Baku - and also Mercedes can be in the mix."
Source: Autosport