Career
At international level, Denchev was Bulgaria"s second-choice goalkeeper, behind Ivan Karadzhov at the 2008 Union of European Football Associations European Under-19 Football Championship. Denchev started his playing career at Lokomotiv Plovdiv"s youth system, before moving to Spartak Plovdiv, where he made his first-team debut in the Bulgarian second division. Petar made his debut during the 2007-2008 season on 3 November 2007 in a 0–1 away loss against Volov Shumen.
In June 2008, Denchev signed a three-year contract with newly promoted A PFG side Sliven 2000.
On 23 June 2010, Denchev joined Cherno More Varna as cover for Ilko Pirgov. Denchev took over as Cherno More"s first-choice goalkeeper, when Pirgov was transferred to Litex Lovech in December 2011.
He made 12 league appearances for the team during the second half of the A PFG season. In May 2012, Denchev sustained a serious injury, which kept him out of action for a number of months.
He recovered in mid-September 2012 and in January 2013 signed a contract with Lokomotiv Plovdiv.
In summer 2014 he signed a contract with Navbahor Namangan and moved as a free agent to Uzbek League club to play the second half of the season.