In July 2015, he joined Porto for a reported fee of €4.5 million, winning two Primeira Liga titles and one Taça de Portugal while being part of the squad that won a domestic double in 2020, making 202 official appearances for them.

In October 2020, he moved to French side Paris Saint-Germain on an initial one-year loan deal, which was made permanent at the end of the season.

[3] He spent the second half of the 2010–11 season on loan to Aris in Greece and, upon his return to the Stadio Ennio Tardini, made his first appearance in Serie A on 21 December 2011, coming on as a late substitute in a 3–3 home draw against Catania.

[17] In the final of the Taça de Portugal, on 25 May 2019 against Sporting, following a 2–2 draw after extra time and despite Pereira converting his attempt, Porto lost the penalty shootout 5–4.

[28] On 6 February 2022, he scored a brace for the first time in his career to help his team to a 5–1 away win over Lille,[29] and won his first league title that campaign contributing five goals.

[32] Having fallen out of favour in PSG and having not featured in any of Luis Enrique's matchday squads for the new season, on 2 September 2024 Pereira was signed by Saudi Pro League club Al-Ittihad for a reported fee of €5 million.

He was part of the under-20 side that finished second at the 2011 FIFA U-20 World Cup in Colombia,[34] playing all seven games (six complete) and scoring in the 2–0 semi-final win over France.

[37] He was also selected for the UEFA Euro 2016 squad by manager Fernando Santos,[38] scoring his first goal in the last warm-up game, a 7–0 victory against Estonia in Lisbon on 8 June.