Born in Viale, Entre Ríos, Chancalay joined Colón's youth setup in 2006, from hometown side Arsenal de Viale.[5] On 10 February 2017, he signed his first professional contract with the club.[6]
Promoted to the first team ahead of the 2017–18 campaign, Chancalay made his professional – and Primera División – debut on 26 August 2017, coming on as a second-half substitute for Nicolás Leguizamón in a 1–1 away draw against Rosario Central.[7] In his next appearance on 8 September, he scored his first senior goal as Colón beat Arsenal de Sarandí away from home.[8] He netted further goals against San Martín and Godoy Cruz in twenty-four total appearances in his first season, as Colón qualified for the 2018 Copa Sudamericana.[2]
On 5 February 2021, Chancalay moved to Primera División side Racing, on a loan deal for the rest of the year, including a purchase option.[9] Racing paid a fee of around 100,000 US dollars for the loan deal. On 14 January 2022, Racing triggered the purchase option, buying 50% of Cahncalay's pass for 1,250,000 dollars.[10] The player signed a deal until the end of 2024. On 7 September 2022, Chancalay left Racing to join Emirati side Al-Wasl on a loan deal until June 2023.[11]
On 10 July 2023, Chancalay joined Major League Soccer club New England Revolution on loan for the remainder of the 2023 season.[12] The deal included a purchase option, and an option to extend the loan through the 2024 season.[13] He played his first minutes for the Revolution on August 13 as part of the club's academy side, New England Revolution II, but departed the match after 20 minutes with a thigh contusion.[14]
On September 2, 2023, Chancalay scored 2 goals for the Revolution against Austin FC.[15]
On November 28, 2023, Chancalay was permanently transferred from Racing to New England Revolution as a Designated Player, with a contract through the 2026 MLS season with an additional one-year club option.[4]