"He was charged by the Sofia City Prosecutor's Office after we presented a detailed report," a Bulgarian police official told reporters, adding that the suspect had been arrested after video footage of the crime was studied.
Police said that a 35-year-old man was found dead outside a casino soon after the end of the Champions League match between Serbian champions Partizan Belgrade and Bulgarian champions Ludogorets.
Former Bulgaria under-21 international Baldzhiyski, who recently joined Slavia from Chernomorets Burgas, could face up to 20 years in jail if found guilty.
Last year, the 22-year-old was called up by Bulgaria coach Luboslav Penev for the international friendly against Hungary in Budapest but did not play.
"I don't know much about this but I can tell you that he's no longer a Slavia player," Slavia president Ventseslav Stefanov told local TV channel during his team's visit to Neftochimik Burgas in the Bulgarian league on Friday.
The seven-times Bulgarian champions Slavia are the oldest Sofia club.
"It just can't be true, I'm shocked," said Chernomorets coach Dimitar Dimitrov.
"He was so quiet, he never caused any problems."
Bulgarian newspaper 'Standart' reported that the deceased man, named as Peter Aleksov, was a CSKA Sofia supporter who had become involved in an argument with three people after watching the match on television.
The row spilled out on to the street, and Aleksov was beaten to death on the pavement, the report said. In addition to Baldzhiyski, a woman and man were also arrested but released the following day.