The 30-year-old joined Cardiff last January but struggled to make an impact with the Bluebirds and his contract with the club was terminated by mutual consent.
Last season, Parkin was loaned out to Doncaster, Huddersfield and Scunthorpe but enjoyed his best spell with the latter scoring six goals in 14 games.
Newly-promoted Fleetwood believe they can use the experience of the veteran frontman to make an impact in League Two this upcoming season.
Parkin has been dubbed "The Beast" because of his physique and physical style of play.
