Born in Oeiras, Lisbon, Podence joined Sporting CP's youth system shortly before his 10th birthday where he was abandoned by parents, arriving from neighbouring C.F. Os Belenenses. On 3 February 2013, whilst still a junior, he made his senior debut, appearing for the former's reserves in a Segunda Liga match against C.S. Marítimo B after coming on as a late substitute for Bruma. Podence played his first official game for the first team on 29 December 2014, starting in a 2–0 away win over Vitória S.C. for the final stages of the Taça da Liga. He was then loaned to Moreirense F.C. in a season-long move. He made his debut in the Primeira Liga on 17 September 2016 in a 0–2 loss at G.D. Estoril Praia, scoring his first goal in the competition on 29 October in another away fixture, against C.D. Tondela ; on 4 December 2016, his two goals helped the hosts to a 3–1 win over C.D. Nacional, and he also made three appearances for the club in the League Cup campaign, which ended with them winning their first-ever trophy. In late January 2017, Podence was recalled by Sporting manager Jorge Jesus. He terminated his contract on 1 June 2018, following a violent attack on the players by a number of their own supporters.
Olympiacos
On 9 July 2018, Podence joined Olympiacos F.C. on a five-year deal. On 14 July 2018, he made his debut with team's colours in friendly game against Tessederlo, also his first appearance in official match on 9 August 2018 in a 4–0 home win against Luzern in the UEFA Europa League qualifications. He scored his first official goal for his new club on 30 August, in a 1–1 away draw against Burnley in the UEFA Europa League play-off round ; he finished his first season in the Superleague Greece with eight goals across all competitions, and the team finished in second place. On 2 September 2019, after a litigation with Sporting, both clubs reached a €7 million settlement. Sixteen days later, in his first appearance in the group phase of the UEFA Champions League, Podence helped Olympiacos come back from a 2–0 home deficit to a 2–2 draw against Tottenham Hotspur, scoring in the 44th minute after an individual effort.
Wolverhampton Wanderers
On 30 January 2020, Podence moved to English side Wolverhampton Wanderers on a four-and-a-half-year deal for a £16.9 million transfer fee. He made his debut as a substitute, coming on in a 0–0 draw with Manchester United at Old Trafford. Podence made his full debut for Wolves in the second leg of their 2019–20 UEFA Europa LeagueRound of 32 fixture away to Espanyol on 27 February, providing assists for both of Wolves' goals in a 3–2 defeat. Podence made his full Premier League debut for Wolves in a 3–0 home victory against Everton on 12 July 2020, in which he drew the foul in the penalty box that resulted in the penalty that put Wolves 1–0 up at the end of the first half. Sky Sports made Podence "Man of the Match" for his performance in the game. Podence scored his debut Wolves goal with a header to open the scoring against Crystal Palace in 2–0 home win in the Premier League on 20 July 2020.
