The 30-year-old Parker had 318 tackles, nine interceptions and seven sacks in 80 games with the Chiefs. He started in all 16 games in 2017 and had 67 tackles with two interceptions.
Parker, from Newberry College, signed with Seattle as an undrafted free agent in 2011. He will add depth to the position with the Falcons, where he will compete for time behind starters Ricardo Allen and Keanu Neal.
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