Grealish is heavily linked with leaving Villa Park in the ongoing window in a mammoth deal with a £100m fee mooted, with rivals Manchester City currently in talks to lure him away.
The 25-year-old is a fan favourite at the Midlands club and has been a key part of Dean Smith’s attacking department but could draw the curtains on his Aston Villa career in the coming weeks.
Ex-top flight star Parlour is a fan of Grealish and revealed he hopes the Lions skipper remains at his current club beyond the ongoing transfer window.
Parlour added that if Aston Villa can keep hold of Grealish and manage to build a team around him with a few more additions, they can try to challenge for a top four or top six finish in the Premier League.
While discussing Grealish’s future at Aston Villa, Parlour told talkSPORT: “I really hope that he can stay.
“It will be great if Jack Grealish came out and said ‘no, I am staying at Villa, this is my home, this is my club’.
“And then hopefully the owners, or whoever it is say ‘let us build a team around Jack, let us get two or three players in, let us really have a go’ because potentially they could be a huge club.
“I mean they are a big club anyway, but they could probably try and break into that top six, top four.”
Grealish still has four years on his current deal at Villa Park, but Manchester City are stepping up efforts to snare him away with Aston Villa yet to succeed in trying to tie him down to a new contact.