Dalglish was appointed to the Anfield board prior to the international break, 17 months after his contract as manager of the club was terminated in May 2012.
And McParland paid tribute to the Scotsman as Brendan Rodgers' side prepare for a weekend trip to the north east to face another club Dalglish previously managed, Newcastle.
"I know everyone at the club is delighted to have him back," said McParland. "He's got so much experience and such a massive heart for the club - I think every supporter of Liverpool is delighted.
"He's an absolute legend for our club. Even though he stopped playing for our club everybody knows him so it's fantastic to have him back."
McParland insisted Dalglish had always been on hand to lend his support and he praised the club's owners for bringing the 62-year-old back to Merseyside.
"I've always kept in touch with Kenny anyway, but it's a great move by the club," he added. "It's a very clever move and it really is a win-win-win for everyone.
"He's always been someone I could call on and rely upon for advice whether he's been at the club or not and he's been a major influence on everything we've done at the academy for the past four-and-a-half years.
"It's a great time for the club but as far as the academy is concerned all of the work we do is to support the first-team as much as we can.
"If it means us losing games down here because some of our younger players are off training with the first-team, then so be it.
"Our main objective will always be to help the first team in any way we can."