The Mexican Grand Prix’s contract finishes after the race this season and is yet to be renewed with Liberty Media for a new deal.
The Grand Prix was also given another blow when the country’s president said that the government were unable to continue to fund the event with the amount it cost to host an F1 race.
The current venue for the race has been on the calendar since 2015 but Perez fears it could be a long time before a race returns to the country.
Perez said to Motorsport: “It's not looking good, hopefully we can get some good news later on. I think it's very important for our country to keep it.
“It's a great place for Formula 1. The last four races have been the best, at a great venue. So hopefully we can keep it.
"There are so many countries out there that want F1 grands prix. So once you lose your place, I think it's very difficult to get it back.
“It cost us so much to get, but now if we lose a place it will probably be the end. I think we would need to wait another 30, 50 years to get it back.
"It’s great exposure for your country to have a grand prix. So it would really be a shame to lose the Mexican Grand Prix.”
Of the loss of financial backing that the Grand Prix has received Perez said he didn’t know whether there could be an alternative.
Perez said: “On that I have no idea, I’m not in charge on that and I don't really know.
"I guess it's hard because all the benefit is done for the government, so I don't know if it can be done another way."
He also acknowledged that the loss of the race would be a major blow for future generations of Mexican racing drivers.
“The grand prix generated a lot of interest for the young generation," said Perez.
"Before the Mexican Grand Prix, I probably spent the last 15 years without racing in Mexico.
"So it would be a shame, a big shame for the new generations, for the sport and for our country.”