The 35-year-old, who yesterday took charge of the U's, is keen to take several Reading players to Layer Road on loan in an attempt to stave off the Essex sides relegation fears.
Whilst Colchester are short of money, Parkinson admitted that the finances are available to make some loan signings. Due to his good relationship with Alan Pardew, Parky is keen to bring in some of the quality Reading reserve team players.
"There are a few players I have got in mind and that is something I am going to have to sort out over the next week. I have already had chats with Alan Pardew and that is something I will discuss with (my assistant) Geraint Williams over the next few days," admitted Parkinson, speaking to cu-fc.com.
Royals stars Martin Butler, Jamie Cureton, Anthony Rougier (currently on loan at Brighton), Adie Viveash, Adie Whitbread, Phil Whitehead, Sammy Igoe and Ahmet Rifat are amongst those that could join the U's on loan before the end of the season.
Parky added: "One thing I don't want to be doing is signing mates for the sake of it. Anyone coming here will be coming because they can do a job at Colchester.
"There are some players at Reading who are quality. Their reserve team is probably the strongest in the league, and there are some excellent players there."
It is more than likely that the 35-year-old has played his last game in professional football, despite still being officially registered. Despite his massive experience it seems unlikely that Parky will field himself this season unless there is a major injury crisis.
Meanwhile, it has been reported that the U's have seen a massive increase in ticket sales for this weekends clash with Port Vale following the appointment of Parkinson, yesterday.