As established Yugoslav internationals such as Dejan Savićević, Darko Pančev, Vladimir Jugović, and Siniša Mihajlović left the club during the same summer, Petković was given a first-team run straight away by new head coach Milan Živadinović, appearing in 30 league matches and scoring 5 goals in his first season in Belgrade.

His transfer to Real Madrid was principally agreed during summer 1995, but Red Star decided to hang on to him for the 1995–96 UEFA Cup where the club expected to do well after finally being allowed back on the European scene following years of sporting sanctions due to regional conflicts.

Playing under head coach Jorge Valdano, Rambo made his league debut on 17 December versus Celta de Vigo as a 65th-minute sub for the legendary club veteran Míchel as Madrid won 1–0 at home.

Playing upfront with Davor Šuker as strike partner, Petković had an average outing as Sevilla drew 1–1 with Castillan visitors, which cost head coach Juan Carlos his job.

Four days later away at Real Sociedad, new head coach Víctor Espárrago gave Petković the starting assignment again alongside Šuker, but subbed him off for Monchu early into the second half in the 53rd minute.

Petković finished out the 1995–1996 La Liga season in Sevilla, appearing in 8 league matches (7 as a starter) and scoring 1 goal.

The Real squad that he returned to was radically different from the one he had left six months earlier: from the new head coach Fabio Capello over to attack-minded left back Roberto Carlos from Inter Milan, right back Christian Panucci from AC Milan, attacking midfielder Clarence Seedorf from Sampdoria right down to the all new forward line with Petković's former Sevilla teammate Šuker, and fellow Yugoslav Predrag Mijatović from Valencia.

[12] After other great exhibitions, he received his second consecutive Silver Ball in the Brazilian federation annual award ceremony.

[13] On 20 May 2009 Flamengo announced the free transfer signing of Petkovic,[14] despite previously having taken the club to court over unpaid wages in the amount of US$9 million.

[15] Though the two parties managed to settle the outstanding financial issues out of court prior to his signing, Petković's return was still met with a lot of scepticism, even outright opposition, from many people within the club as well as outside observers[16] all of whom had doubts about his ability to perform at such an age.

Some also expressed concern over the fact that he missed the Rio de Janeiro state championship part of the season, meaning that he hadn't played any competitive football in the 6 months since his dismissal from Mineiro.

However, much to the surprise of many people, 37-year-old Petkovic played a pivotal role for Flamengo, scoring 8 goals (including 2 direct from corners) and leading the club's challenge to eventually win its sixth Brazilian Championship title, the first of his career.

Then on 7 December, as the season finished and Flamengo celebrated their title, Petković won the traditional Bola de Prata (Silver Ball) organized by the sports magazine Placar and ESPN Brasil for best midfielder of the 2009 Brazilian Championship.

Starting the new season from the very beginning, Petkovic entered his first match of the 2010 Rio state championship as a late substitute and scored a goal[23] on what was virtually his first touch of the contest at Volta Redonda on 20 January 2010.

His team made a runner-up campaign, in which Petković scored two goals in a 3–0 triumph over United States (against players such as Brad Friedel, Claudio Reyna, Alexi Lalas and Cobi Jones).

[26][27] While still playing in that youth tournament, he received his first call up to the senior national team, being included for the UEFA Euro 1992 squad.

[28] Yugoslav coaches had already called eighteen from the twenty allowed players, without Croats, keeping some Macedonians, two Slovenes and just one Bosniak alongside the Serbs and Montenegrins.

[28] Just one day after that 3–0 winning game against USA at the Toulon Tournament, played in May 27,[27] Petković made his first appearance for the main Yugoslav team, an unofficial friendly against ACF Fiorentina in May 28.

He was even a starting player in the match - Omerović (Leković), Radinović (Novak), Petrić (Milanič), Dubajić; Mihajlović, Jugović, Brnović, Jokanović; Mijatović, Stojković and him (replaced by Jakovljević).

[30][31] The Yugoslavia team, already settled in Sweden for the tournament, would be suspended at 31 May due to its civil wars, just ten days before the opening match.

The player was praised in the training sessions and, under Santrač's orders, warmed up from the 30th minute to the 80th one and then decided to seat, as thinking he would not play anymore.

Santrač was disgusted and called another reserve to enter;[33] it was Darko Kovačević, who made his senior debut as replacing Predrag Mijatović.

[33] Petković still received a Santrač call up for a match against Romania in March 1996, after some good initial performances for Real Madrid and Sevilla.

To that end, after the changing of the former FR Yugoslavia into Serbia and Montenegro the previous year, he publicized his dream in being picked by the Brazil national side,[41] but he did not have Brazilian citizenship.

In 2006, a campaign in his native country[42] urged the Serbian FA to select Petković for Serbia and Montenegro's final roster for the World Cup in Germany.

However, even before the nation upcoming final breakup, the harmony was disrupted by the coach himself, after Ilija called his son Dušan Petković, a defender who played just a few matches until 2004 for the team, to replace the injured forward Mirko Vučinić.

[40] In a first moment, it was believed that the replacement player would be Dejan Petković, as he told in 2018 to El País journal: "I came from a fantastic 2005 Campeonato Brasileiro for Fluminense.

In 2009, Serbia coach Radomir Antić praised Petković's success as an incoming 2009 Brazilian champion for Flamengo, but confirmed the player's unlikely chances of inclusion for the 2010 FIFA World Cup.

[46] Petković no longer had such expectations, feeling himself too old at the age of 37: "I wish I was at least ten years younger to go to a World Cup", he said while celebrating his country's qualification for South Africa.

[citation needed] Red Star Belgrade Real Madrid Vitória Flamengo Shanghai Shenhua Vasco da Gama Al Ittihad Individual Orders and special awards On 20 June 2010, Serbian Minister of Foreign Affairs, Vuk Jeremić, announced the appointment of Dejan Petković to Honorary Consul of Serbia in Brazil.