Parma are set to begin next season as an amateur club in Italy's fourth tier after failing to find a buyer to pay off a debt of 22.6m euros (£16.2m).
Former baseball player Mike Piazza and businessman Giuseppe Corrado have both ended their interest in the bankrupt club, and no other offers were made before Monday's deadline.
Parma, who were relegated from Serie A, cannot now register for Serie B.
The club won the Uefa Cup twice and the Cup Winners' Cup once during the 1990s.
The northern Italy side also won two of their three Italian Cups in the decade, and were Serie A runners-up in the 1996-97 season.
Parma's total debts are nearly 75m euros (£54m), but in order to register for Serie B they needed to clear their sporting debt - money owed to players and staff.