Parkin, 18, has signed a two-year deal after progressing through the club's academy ranks.
"I'm delighted to have signed," Parkin told the club's official website. "I can't wait now for next year to try and make my way in the game.
"At the minute the first team have got some good players, so next year I'd like to try and play in the Under-21s regularly and see what happens from there."
Parkin, the Under-18s' second leading scorer this season with 10 goals, is the third youngster to sign his first deal with the club this week after fellow forward Lewis Walters and goalkeeper Eric Grimes.