Parma are set to lose their Europa League place after their appeal for a UEFA licence was rejected on Thursday.
The High Court upheld the ruling of the Italian Football Association (FIGC) not to grant Parma a licence due to tax problems.
A brief statement said: "The High Court of Sports Justice has rejected the appeal presented by Parma against the FIGC over the decision to refuse them a UEFA licence for the 2014-15 season."
Torino look set to benefit after finishing seventh, taking Parma's place in the Europa League third qualifying round.
Parma could take the matter to the Court of Arbitration for Sport.
Roberto Donadoni's men had been celebrating being back in Europe for the first time since 2007 after beating Livorno on the final day and seeing Torino miss a late penalty to draw at Fiorentina.