Fulham announced earlier on Monday that the 40-year-old had left the west London club, and less than four hours later he was confirmed as the new Cherries boss.
Parker replaces Jonathan Woodgate, who was told earlier this week that his short-term contract would not be renewed.
“I believe this is the perfect fit for both parties,” Parker told afcbTV. “I’m familiar with Bournemouth because of my relationship with Harry Arter.
“It’s a football club I know well from watching him over the years.
“The ethos, the reputation, the journey and the challenge here is something that’s very exciting for me and my staff.
“We want to build a team the fans can be proud of and one they feel represents them. We can’t wait to get started.”
Scott Parker is bringing Matt Wells (assistant head coach), Rob Burch (first-team goalkeeping coach), Alastair Harris (head of performance), Charlie Moore (lead physical performance coach) and Jonathan Hill (first-team head analyst) with him to Bournemouth
Bournemouth’s chief executive Neill Blake said: “It has been a long process but I am delighted to finally get our man.
“Scott has always been our number one choice for this role and someone whose coaching career we have taken a keen interest in since his first steps in Tottenham Hotspur’s academy.
“Over a period of time he has proven himself as one of the best young head coaches in the country; someone who has a clear philosophy on how he wants to play and knows what it takes to win promotion from the Championship.
“Scott is fully invested in the long-term project in front of us here, and this is the start of an exciting new period for this club.”
Parker took caretaker charge of Fulham – his first senior managerial role – in February 2019 on a temporary basis, but was unable to keep the club out of the Premier League’s relegation zone.
After being appointed manager on a permanent basis in May that year, the Cottagers secured promotion back to the top flight after beating Brentford in the play-off final.
However, their Premier League return lasted less than a year as their relegation was confirmed following a 2-0 home defeat to Burnley last month.