The 24-year-old has scored once in 10 appearances in all competitions and has only completed 90 minutes in a Premier League match on four occasions.
"I like the player and I thought it was a good decision [to buy him]", he added.
"There's this price tag that he has not put on himself, people have put that on him because of his performances, so you've got to give him time for him to reproduce that, it's not going to come like that".
"He looks a little bit to be playing not with the freedom he did in France at the moment".
Emery's men are now six places and four points better off than arch-rivals Tottenham, who have hit a slump, but Parlour believes it is too early to be predicting another power shift in north London.
"Right now, I'm wondering if I want to be a coach and, having watched Arsène, I think 'do I want to suffer like that?"
He acknowledged: 'We focus on plenty in working in direction of, in games on what I will persist with it the pitch or in my private lifestyles.
The former Gunners midfielder told talkSPORT: "I have been really impressed by the youngsters coming through, from Arsenal's point of view. Still today, when I wake up, I must say that the first thing that comes to my head is 'is there an interesting football game on the television tonight?' and, if that the case, then my day is ok".
Addressing his old adversary via video, Ferguson said, "The career you had as a manager at Arsenal was absolutely fantastic - an absolute legend". I think that's probably the end of his career at Arsenal.
'I know he trusts me plenty because I've started the total games within the Premier League since the initiate of the season. Liverpool are too far ahead for everybody else.