Panayotov began his career at Levski Sofia, but he never made a first team appearance.
Panayotov went on loan to B PFG side Volov Shumen at the start of the 2009–10 season.
In June 2016, Panayotov signed with Beroe Stara Zagora[1] but was released in December.
[6] On 17 August, he made his official debut in a 0–0 home draw against Beroe Stara Zagora.
[7] On 10 September 2019, Panayotov earned his first cap for Bulgaria, coming on as a late second-half substitute for Kristian Dimitrov in the 1–3 away loss against Ireland in a friendly match.