Parker, 26, had been under contract through this season, but that deal was torn up as part of the new pact that runs through 2010.
Parker was the team's third-leading receiver last season with 57 catches for 725 yards and three touchdowns. He also filled ina as a punt returner last season.
"Eric represents everything we want to see in a San Diego Charger," said General Manager A.J. Smith.
