The Colts waived Parker on Tuesday, Amanda Foster of the team's official site reports.
Parker inked a contract with the Colts in late April as an undrafted free agent. The Troy product played in all three preseason games but finished with just two catches (on four targets) for 12 yards while adding an assisted tackle. Parker will likely clear waivers, at which point he'll explore signing with a team in need of wide receiver depth on the practice squad.