Parker, who has missed 6 games with a broken bone in his toe began running routes last week and has been given clearance to practice.
"There's a good chance he could play," Petrino said during his weekly press conference on Monday afternoon.
After a day off today, Parker will practice with the team on Tuesday.
"He'll have an opportunity to practice tomorrow and then there will be a day to day basis from there," Petrino said.
A preseason All-American candidate, Parker had 55 receptions for 885 yards and tied a school record with 12 touchdowns as a junior.
" I think he will be good to go," Petrino added.
This story will be updated.