The school announced the injury in a news release and said there is no timetable for Parker's return.
Parker was injured during practice at Papa John's Stadium on Friday and evaluated by team physicians. He will visit Dr. Bob Anderson in Charlotte "in the next couple days for further evaluation and management," the release said.
The 6-foot-3 senior passed up a chance to jump to the NFL after his junior season, when he had 55 receptions for 885 yards and a school-record 12 touchdown catches.
He is the third-ranked senior receiver in ESPN Insider Mel Kiper Jr.'s latest 2015 draft prospects.
The Cardinals begin their first season in the Atlantic Coast Conference on Labor Day night when they host Miami.
Information from the Associated Press was used in this report.