Baggio moved to Parma at the beginning of the 1994–95 season for 14 billion Lire. During his first season with his new club under Nevio Scala, he immediately won the UEFA Cup, for the second time in his career, scoring a goal in each leg of the 1995 final against his former team, Juventus, increasing his UEFA Cup Final goal tally to five goals. He also reached the final of the Coppa Italia that season, losing out to his former club, also narrowly missing on the Serie A title to his former club, once again, finishing the league season in third place. Despite their European success under Malesani, Parma were unable to win the Serie A title during these years, with their best finish occurring during the 1996–97 season, where they managed a second-place finish, under manager Carlo Ancelotti.