Penzo joined Serie B side Verona in 1981; under manager Osvaldo Bagnoli, he became a key player for the club, and scored 14 goals in 31 appearances during the 1981–82 season, helping Verona obtain promotion to Serie A. His best individual season was in the 1982–83 season, when, playing as a lone striker, he scored 15 league goals with Verona to become the second-best scorer of the season in the Serie A, alongside Alessandro Altobelli, and behind only Michel Platini, who scored one more, and won the "Capocannoniere" title with 16 goals. Penzo also helped Verona reach the Coppa Italia final, scoring 7 times in 13 appearances, including the decisive goal against Milan in the quarter-finals, and a goal in Verona's 2–0 home win in the first leg of the final against Juventus; however, Verona lost out on aggregate following a 3–0 defeat in extra-time in the second leg.