Career
Palankov began his career at where he made 37 A PFG appearances. Whilst at Litex he spent time out on loan at Belite orli, Vidima-Rakovski and before joining Pirin Blagoevgrad on a permanent basis in the summer of 2007. 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 2010-2011 season.
Palankov left Chernomorets at the end of the 2012-2013 season, when his contract expired. On 5 June 2013, Palankov joined Varna as a free agent.
He made his second debut on 19 July, as a substitute against his previously club Chernomorets Burgas, on the opening day of 2013-2014 season. On 7 December, Palankov scored a last-minute winning goal for the 2–1 victory over Neftochimic Burgas.
He has received call-ups to the Bulgaria U21 team