Ishak, who joined Die Geißböcke from Assyriska Föreningen in January 2012, has put pen to paper on a four-year deal at Il Tardini after falling out of favour following the exit of manager Ståle Solbakken.
The Sweden youth international, 20, spent the latter half of last season on loan at Swiss Super League side FC St. Gallen 1879, where he netted three goals in 13 league appearances.
Ishak is delighted with the move, but remains willing to go out on loan this season, realising that Amauri and Antonio Cassano are ahead of him in the pecking order at Il Tardini.
“It feels terrific,” said Ishak.
“I had other options, but finally I decided to go there and see what they had to tell me.
“I had a good talk with sporting director Pietro Leonardi. They have been keeping tabs on me and have got a plan for me.
“As Parma have signed me for four years, they have got confidence in me. I am realistic, I know that players like [Antonio] Cassano and Amauri will play before me.
“Therefore, I have suggested that I might join another club on loan to get playing time. I am open to that.”
Bayern rule out Lewandowski-Mandzukic swap
Bayern Munich chairman Karl-Heinz Rummenigge has rubbished reports suggesting that the European champions could send Mario Mandzukic to Borussia Dortmund in exchange for Robert Lewandowski, according to Sky Sports.
Lewandowski, who converted a penalty in Dortmund’s season opener against FC Augsburg on Saturday, has been the subject of ongoing interest from Bayern this summer.
The Poland international, 24, is expected to join the Bavarian giants on a free transfer next summer, but recent reports have suggested he could move to the Allianz Arena in the coming weeks, with Mario Mandzukic moving to Signal Iduna Park in a swap deal.
However, Bayern chairman Karl-Heinz Rummenigge has poured cold water on the aforementioned reports, insisting the club are more than happy to retain the services of Mandzukic.
“This is something I do not favour. This will not take place,” Rummenigge told SPORT1 Mediencenter.
“We are delighted about Mario Mandzukic’s stay at our club. He is a very important player for Bayern Munich.
“There is no doubt you could easily spot this against BSV Rehden this week. The manager was totally pleased and happy with Mario.”
Mandzukic, who scored 21 goals in all competitions for Der FCB last term, found the back of the net in Bayern’s Bundesliga opener against Borussia Mönchengladbach on Friday.