Socialist leader Chavez died of cancer on Tuesday.
Maldonado, who last year became the first Venezuelan to win a Formula One grand prix and is now starting his third season at Williams, has been closely associated with Chavez due to numerous friendly appearances alongside him.
Chavez's death triggered immediate media speculation about the future of the PDVSA sponsorship of the team but such deals are usually multi-year agreements and cannot be terminated at short notice.
The team had no comment on the subject.
Maldonado reacted to the news of the leader's death on Twitter with the revolutionary slogan "Hasta la victoria siempre ("Towards victory forever") and hailing his social legacy to the country.