Parma has earned promotion to Serie A just three years after being declared bankrupt, becoming the first Italian club to earn three successive promotions.
Parma's finished second in Serie B with a 2-0 win at Spezia on Friday after Frosinone conceded a late goal to draw 2-2 at home to Foggia.
They finished level on points but Parma clinched second courtesy of a better head-to-head record.
"It can't be true, it's not possible, I can't believe it," club captain Alessandro Lucarelli said on Italian television, his voice cracking with emotion.
"We have done something incredible in these past three years. Something out of this world. No one could have imagined a finale like this. I'm dying, I can't anymore. It's more than a dream."
The veteran defender also credited the loyal supporters of Parma - which was once among Serie A's best teams and twice won the UEFA Cup in the 1990s.
"This promotion is a great prize for our fans who together with us never gave up," Lucarelli said. "I am proud to be their captain. Now I can even retire."
Foggia led at Frosinone, but Luca Paganini's header and a Matteo Rubin own goal had the hosts heading for Serie A until Roberto Floriano's last-minute equaliser.
Frosinone goes to the two-legged playoff semifinals, where it will play either Bari or Cittadella. They face each other in the first leg on May 26.
Palermo will play the winner of Venezia vs. Perugia.