Ahead of the transfer deadline for sides in the Italian top-flight, the Ivorian forward is among those to have been on the move.
That deal still had six months left to run, but Gervinho has been freed to take in a second stint in Serie A.
He previously spent two-and-a-half years with Roma, netting 26 times in 88 appearances before heading to Asia in January 2016.
A spell in the Italian capital came on the back of a frustrating two seasons at Arsenal which saw Gervinho struggle to make his mark in the Premier League.
He found the target just 11 times in 63 outings for the Gunners, with fierce competition for places and a loss of form leading to him being moved on.
A positive impact at Roma helped to rebuild his confidence and reputation and Parma are delighted to have welcomed a proven performer onto their books.
A statement released on the club’s official website read: “Parma Calcio 1913 announces the registration of the player Gervais Lombe Yao Kouassi ‘Gervinho’.
“After passing his medical examinations he has signed a contract due to expire on 30.06.2021.”
Parma are currently preparing for a return to Serie A after three seasons rebuilding.
Having been declared bankrupt in 2015, they have had to work their way back to the top tier through three successive promotions.