The teenager struggled to hit his stride in front of goal last season during loan spells at Millwall and Ipswich Town.
Parrott has been part of Spurs pre-season preparations under new boss Nuno Espirito Santo at Hotspur Way, but is now set to leave the club on loan again in bid to clock up valuable first team minutes.
The striker has drawn admiring glances from League One outfit MK Dons, who want to take him to the Stadium MK on a temporary basis.
Parrott is set to have his medical today as he looks to join the Dons for another spell in the third tier.
The teenager has so far made four appearances for Spurs senior team but is down the pecking order at the club, with Tottenham also keen to bring in a more experienced striker to provide support for Harry Kane.
Parrott will be determined to raise his game in League One this time around following an underwhelming run last term.
The 19-year-old made 18 League One appearances last term for Ipswich, scoring twice during a six-month spell and will be hoping to improve on that tally in the upcoming campaign.