The Browns announced the roster move, which also included placing fellow kicker Patrick Murray on injured reserve, on their official website.
The Florida native made 32 of 36 field-goal attempts (88.9 percent), including all four of his kicks from beyond 50 yards. He was also perfect on 54 extra points for a total of 150 points, which set the new NFL rookie scoring record and earned him a Pro Bowl selection.
Parkey started last year by making three of his first four field goals and all seven of his extra points before suffering a season-ending groin injury after just three games.
The Eagles added Caleb Sturgis to fill the void, and after making 81.8 percent of his field-goal tries in 2015, he beat out Parkey for the starting job during this year's training camp.
In July, Joseph Santoliquito of CBS Philly passed along comments from the 24-year-old kicker about working his way back to top form.
"I feel good," Parkey said. "I had surgery in December and I was feeling good a couple of weeks after later. The hardest part is trusting [the injury won't return], so I'm getting back into a rhythm. I'm getting the rust off, but it's a lot different kicking with a live hold and a live snap."
He ended up making his only field goal during the preseason, but the Eagles opted to release him in favor of Sturgis ahead of Week 1.
Now he'll get another opportunity to prove he's back to full strength with the Browns. That said, it's not exactly a kicker's dream situation given the team's offense ranks 28th in points and 23rd in yards.
Parkey should still provide solid value for Cleveland, assuming he can return to the level he showed during his rookie season. The Browns return to action Sunday against the Miami Dolphins in Week 3.