Held in the highest regard as a player, McParland must now do the same as boss as Notts strive to achieve promotion from League Two, despite currently sitting in nineteenth.
Thompson was fired after sixteen months in charge as the Board believed he should be making a playoff place so the pressure is on.
McParland's previous managerial experience amounts to a long spell as Nottingham Forest Reserve team boss before stepping in to manage the first team on a temporary basis after the sacking of Gary Megson.
Alongside Frank Barlow McParland took Forest to the brink of the League One playoffs and was named Manager of the Month aswell as instigating a ten match unbeaten run which included six straight wins.
The 46-year-old Scot is said to have been in the Board's minds immediately
McParland applied for the same role when Thompson was appointed last time but has kept in close touch at Meadow Lane and has been spotted watching from the Derek Pavis Stand in recent weeks.
He will be thrusted in charge of the charge ahead of Saturday's vital derby clash at Mansfield Town with John Gannon also levaing the club today.
NCM would like McParland to wish him all the best in his role, and have more reaction to follow.