The right back is a target for the likes of Barcelona, but Parlour believes he should not be sold for any price.
Speaking on talkSPORT, he said: "I'd be amazed if Arsenal sold Bellerin.
"He's still a young player, he's still learning and he wants to learn.
"I still think defensively he has to get better, but he can get better.
"He's not had the greatest of seasons and I think he'd be the first to admit that, but I do rate him a lot.
"I wouldn't take £50million for him, because you've still got to replace him in the team.
"Full-backs these days are so hard to find, because they've got to be able to play like wingers.
"You've got to be able to get up the pitch and produce good quality. He's got great pace, so I wouldn't be selling him, no."