Paratici left Spurs after being handed a football ban for his role in Juventus' financial scandal. The Italian completed his suspension last year and reconnected with Spurs.
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Paratici has since received an 18-month suspended prison sentence for his part in the scandal. He is one of seven former Juventus directors who struck plea-bargain deals with prosecutors.
"Fabio is a consultant," said Frank when asked on Tuesday ahead of their Carabao Cup tie with Doncaster Rovers. "Of course I speak to him.
"I've spoken to him mainly in the transfer window while he's part of the group that works and deals with the transfers. I've got a good relationship with him."