League sources told The Athletic and the Atlanta Journal-Constitution that Parker will sign a two-year, $13 million contract with the Hawks. The deal has a player option for the second year, according to The Athletic.
The Wizards held a $20 million team option with Parker for the upcoming season. The franchise declined to exercise the option before the June 29 deadline, making him a free agent.
The Milwaukee Bucks selected Parker in the first round (No. 2 overall) of the 2014 NBA Draft out of Duke. He spent his first four seasons with the Bucks, averaging a career-best 20.1 points per game in the 2016-17 campaign.
The former Blue Devils star signed a two-year, $40 million contract with his hometown Bulls in free agency last summer before being traded to the Wizards in February as part of the Otto Porter Jr. deal.
Parker came off the bench for all 25 of his appearances with the Wizards last season, averaging 15.0 points, 7.2 rebounds and 2.7 assists in 27.3 minutes per game. In 39 games (17 starts) with the Bulls, he averaged 14.3 points, 6.2 rebounds and 2.2 assists per game.
Parker, 24, holds career averages of 15.1 points, 5.7 rebounds and 2.1 assists per game.