Petar Radenković began his youth football career with FK Šumadija 1903 in 1949 before moving to Red Star Beograd in 1951. He had one senior match with Red Star in 1952, but otherwise spent 1952 through 1960 with BSK (later OFK) Beograd. During that time he won the Yugoslav Cup in 1953 and 1955, and also captured a silver medal with the Yugoslavian national team at the 1956 Melbourne Olympics.
Radenković left Yugoslavia in 1960, after disagreeing with decisions made by the governing bodies in his sport, and spent a year outside of football before joining the Wormatia Worms of Germany. He was then recruited by TSV 1860 Munich, where he would spend the remainder of his career until his retirement in 1970. During that time he won the West German Bundesliga in 1966 and the DFB-Pokal Cup in 1964. During his tenure as a footballer, he recorded the song Bin i Radi — bin i König (Am I Radi, Am I King), which sold nearly half a million copies.