The U.S. international will help fill the void created when the Crew traded Chad Marshall to Seattle in December.
Multiple sources tell Goal USA's Ives Galarcep that the Columbus Crew will trade the fourth overall pick in the 2014 MLS SuperDraft and an undisclosed sum of allocation money to the New England Revolution for Parkhurst's rights.
Parkhurst, who turns 30 later this month, leaves Bundesliga side FC Augsburg after an unsuccessful year at the club which saw him make just two league appearances, and none in the 2013-14 season.
Parkhurst made his name with the Revolution after being selected ninth overall in the 2005 MLS SuperDraft. He was named MLS Defender of the Year in 2007, and transferred to Danish side F.C. Nordsjælland in 2008, where he spent five seasons.
Because Parkhurst left the Revs on a free transfer, the team still owned his rights when he returned to MLS. Parkhurst has 23 caps for the U.S. national team, and earned eight of those in 2013.