The manager and his right hand man Neil Sorvel have agreed to stay put until 2025.
It’s been a so-far productive summer for the Robins with a number of impressive captures.
The excellent Chris Conn-Clarke has arrived on a permanent transfer from Fleetwood Town, with Dior Angus, Lewis Banks, Joey Jones, George Wilson, Sam Roscoe and Justin Amaluzor joining for an undisclosed fee.
On the back of a first ever full-time season, fans are hopeful of a push for the top seven.
Parkinson is yet to mention the ‘p’ word but says the strides the club and making on and off the pitch told him he is in the right place.
“For me, the ambition the club is showing year-on-year made it a really easy decision”’ said the Alty boss.
“I’d like to think we’ve grown with the club and they’ve grown with us, and we’ve taken great strides together so for me it was a really easy decision.”
Director of Football Rob Esteva said: “Talks have been ongoing with Phil and Neil since the back end of last season with regards to extending their contracts and I think it is fair to say it has been a formality.
“The board are delighted with the news and we’re sure every Alty supporter shares that sentiment.
“Phil and Neil have helped drive this club forward on the pitch since they arrived and their ambitions are equally matched by the board who remain focused on raising our levels off the pitch.”