Parma had finished sixth in Serie A after a dramatic final day of action, pipping Giampiero Ventura's men to the post thanks to a 2-0 win over Livorno.
However, the Emilian outfit were barred from European football after they were judged to have withheld a figure of just under €300,000 in income tax.
They had lodged an appeal to the high court, but it refused to overturn the decision, meaning that Torino will take their place in the competition.
"The high court of sports justice has rejected the appeal presented by Parma against the FIGC over the decision to refuse them a Uefa licence for the 2014-15 season," a brief statement read.
Torino had started the final match of the season in the driving seat to claim sixth place but could only draw 2-2 at Fiorentina, with Alessio Cerci missing a late penalty.