Parker has worked under Ranieri as an assistant this season and feels conflicted at the manner of his appointment, with the axe haven fallen on the Italian.
The returning fan favourite did confess he was delighted to have been appointed, but is under no illusion of the challenge he faces.
"It's mixed emotions, what with sitting where we are in the league and Claudio losing his job, but the flipside is one of excitement. I appreciate the opportunity and I'm really looking forward to it,” Parker told BBC Sport.
Ranieri was only appointed mid-season and arrived in good stead after stellar performances at Nantes and Leicester
"The situation doesn't lie. It's a tough ask,” he added. “At times we've been a little easy to play against and we need to address that. We need to get a balance back. As a club, as fans, as players, as owners, we just need to regroup a little bit.”
"It's definitely an audition [for me]. On a personal note, this is something I started working towards seven years ago. I've got an ambition to be a manager.”
Parker's first game in charge at Craven Cottage is against Maurizio Sarri's Chelsea, who've lost their last four domestic away games, but did recover some face by beating title hopefuls Tottenham