The 19-year-old was the highest-scoring freshman in the college's history, resulting in him being named the team's MVP last season.
Coach Mike Krzyzewski said in a statement: "Jabari could not have been better. He is the epitome of what you would want a basketball player to be, outstanding every day on the practice court and in the classroom and a very humble young man.
"He had a fantastic freshman year and is so deserving of the opportunity to play in the NBA and follow his dream."
Parker, who has already been touted as a potential number one pick in the Draft, averaged 19.1 points per game during his college career.