Red Bull have obliterated the opposition in 2023, winning 19 of the 20 races to have taken place so far this season on their way to wrapping up both world championships with ease.
Max Verstappen has won 17 of those during a record-breaking run to his third consecutive drivers’ world title.
But Button has tipped the likes of Mercedes and a resurgent McLaren to pose a greater threat to Red Bull next year.
“I think the sport is even more competitive now, there’s so many big teams fighting at the front,” the 2009 world champion told Sky Sports News.
“One tiny slip up and you are the fourth-best team. To catch Red Bull is difficult but they [Mercedes] are getting closer.
“Brazil wasn’t a good example but this second part of the season, you’ve seen teams like McLaren and Mercedes, both fighting very closely with the Red Bulls. Max has had that little advantage but Checo hasn’t.
“We could have an upset next year. I don’t think it’s going to be all Red Bull’s way. This year was an exceptional year for that team and I don’t feel it will be the same next year.
“Which is what the sport needs. We need a little bit of a mix up.”
However, according to Italian publication Gazzetta dello Sport, Red Bull are “preparing to amaze the paddock again next year”.
Ominously, their RB20 reportedly has the potential to “annihilate” the competition.