The 38-year-old Parker replaced Claudio Ranieri at Craven Cottage in February but couldn't spark in upturn in results until after the team's relegation was confirmed. Fulham chairman Shahid Khan said Parker "was brave to accept a very difficult challenge" and that "we've undeniably become a better football club."
Khan said Parker is "more than up to the task" of returning Fulham to the top flight at the first attempt. Fulham has just seven wins from 37 matches this season, and will host Newcastle in its final Premier League match on Sunday.
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