The Toffees had held talks with Bayern Munich in a bid to sign Zirkzee on loan, but were unable to reach an agreement with the German giants, allowing Parma to steal in.
Zirkzee, who is keen to play regular first team football, has now landed in Italy.
Le prime immagini di #Zirkzee in Italia: arrivato il nuovo acquisto del #Parma https://t.co/JcunyicXs0
— Gianluca Di Marzio (@DiMarzio) January 31, 2021
He will complete a loan to Parma, according to Sky Italia, with the Serie A side having an option to buy set at €15m.
Bayern Munich will also have a sell-on fee if Zirkzee is signed on a permanent basis by Parma, with the sum set at 7.5 per cent.
Parma face a battle to survive in Serie A and may be unlikely to sign Zirkzee permanently if they are relegated; it remains to be seen if Everton rekindle their interest in the event he becomes available in the summer.
The Italian side have scored just 14 times in 20 Serie A games so far this season and sit second bottom of the table.
Parma suffered a 2-0 loss at Napoli on Sunday and will hope Zirkzee can make an instant impact.