An All-American selection in 2019 and Big Ten Linebacker of the Year, Parsons is widely expected to be a first-round pick.
The Nittany Lions standout racked up 109 tackles, five sacks, and four forced fumbles over his sophomore campaign in 2019. He's led Penn State in tackles in each of the last two seasons and was rated the best run defender in the country, according to PFF.
Parsons will join Virginia Tech cornerback Caleb Farley and Minnesota wide receiver Rashod Bateman on college football's list of notable players who elected to sit out the upcoming season due to the COVID-19 pandemic.
Penn State expects Parsons to make the decision official Wednesday.