Born in
Gotse Delchev, Panayotov began his youth career with hometown club
Pirin, before moving to join the youth academy of
Levski Sofia at age of 17. He played regularly for the under-19s, but 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 2010, he moved to
Pirin Gotse Delchev. He scored once in 16 appearances, before moving to
Bansko in January 2011. In June 2016, Panayotov signed with
Beroe Stara Zagora but was released in December. On 16 January 2017, Panayotov signed with
Stal Mielec. On 19 June 2017, Panayotov moved to
Levski Sofia. He left the club at the end of the 2017–18 season when his contract expired. On 7 August 2018, Panayotov signed with
Cherno More for two years. On 17 August, he made his official debut in a 0–0 home draw against Beroe Stara Zagora. On 16 April 2025, Panayotov signed a one-year contract extension with the club. Following
Daniel Dimov's retirement, he inherited the captain's armband ahead of the 2025–26 season. ==International career==