In December 2009, Palankov confirmed he will sign a pre-contractual agreement for Chernomorets Burgas. On 12 January 2010, he signed a three-year contract, joining the team at the start of the 2010–11 season.[1] He made his debut on 21 August 2010, coming on as a second-half substitute in a 1–0 home win over Vidima-Rakovski. Palankov left Chernomorets at the end of the 2012–13 season, when his contract expired.
On 5 June 2013, Palankov joined Cherno More Varna as a free agent.[2] He made his second Cherno More debut on 19 July, as a substitute against his previously club Chernomorets Burgas, on the opening day of 2013–14 season. On 7 December, Palankov scored a last-minute winning goal for the 2–1 victory over Neftochimic Burgas. On 29 May 2017, his contract was terminated by mutual consent.[3]