Colak joined Rangers last summer and managed to score 13 goals in 25 appearances for the Glasgow outfit.
However, the 29-year-old centre forward saw his game time cut short after the arrival of Michael Beale last season and has now been offloaded by the Gers.
Italian side Parma have now completed the signing of Colak from Rangers for a fee which has been described as undisclosed.
And, according to Italian outlet Tutto Mercato, Colak could even be presented to the fans on Sunday when Parma have an open training session scheduled.
Colak is already in Italy and has been shown around the club’s facilities.
Rangers have already let a host of players leave Ibrox this summer and Colak has now joined that list.
The Gers have already brought in Sam Lammers and Cyriel Dessers to strengthen their attacking line-up.
