Parker, the No. 2 pick in the 2014 Draft, has struggled to stay healthy throughout his NBA career. He played just 6 games in a Kings uniform last season as he worked his way back from a shoulder injury and testing positive for COVID-19.
Sacramento acquired Parker in the trade with the Hawks in February.
With Parker opting in to a manageable contract, the Kings could choose to keep the 25-year-old on the roster. But they could also trade Parker or waive him using the stretch provision.