The two rivals square off just a few weeks after they met in the league, with Pirates having come out victorious on that occasion.
However, this particular encounter has much more at stake, with a chance for either side to potentially end their prolonged trophy droughts.
Parker will be counting on Amakhosi to live up to their title of South Africa’s undisputed cup kings – having won an incredible 41 domestic cups in 48 years.
“Everyone is well aware how big this game is, that’s why everyone is looking forward to it, but this is a must-win for us,” said Parker.
“We’re well aware that this is a cup match and our last encounter was a league match, and with the history of Kaizer Chiefs, we always get through – we have the advantage of always getting a cup.
“For the past three years, we’ve gone through a bit of a slump and it’s now up to us as a team and as players to turn this around.
“Big teams in Europe at the highest level go through this, it’s just about how we get back to our winning ways, and we’re going all in.”
The 32-year-old former Bafana Bafana frontman says they are also well aware of The Buccaneers’ threat from their recent meeting and will thus look to use this to their advantage.
“We made a commitment that we’re going all in, and the funny thing about it is we know what we can expect from our opponents; we know how they play and how they’re going to come at us,” he added.
“So, we took a lot of positives from our last Derby and this one coming up, I know it’s going to be an interesting one.”
Chiefs have never lost to Pirates in their three previous League Cup meetings in the PSL era, winning two on penalty shootouts, and have yet to concede.