The guitarist, 67, was hospitalised in Antalya, Turkey, shortly after the band performed at Expo 2016, and underwent a life-saving operation to fit a defibrillator into his chest.
Now, the band's manager Simon Porter tells WENN the rocker almost lost his life during the medical emergency, and has been told to rest up for the remainder of the year.
"Although Rick is recovering well and is now able to lead a relatively normal day to day life, he is far from being fit enough to undertake the rigours of Quo's touring schedule," Porter explains. "Perhaps now is the time to reveal that Rick actually 'died' for several minutes directly following his heart attack, which resulted in mild cognitive impairments for which he continues to receive neuropsychological support.
"His medical team continue to be confident of a full recovery, but Rick’s absolute priorities for the foreseeable future are for his health and wellbeing and to be able to see his eight-year-old twin children Tommy and Lily grow up.
"To this end, Rick may well have performed his last show with Quo, but no final decision will be made until next year. Regardless, it is his wish that the band continue to tour as planned and he will always be a part of Quo’s numerous other off stage activities."
Parfitt has given bandmate Francis Rossi his full blessing for the band to continue to honour their touring schedule in order to not let down the fans.
"Until the end of 2016, Status Quo will continue to utilise guest musicians," a spokesman adds. "Irish guitarist Richie Malone, who is currently playing with the band, will continue in this role at least until the end of Quo’s European schedule which concludes in Paris on December 4th. Freddie Edwards, the son of Quo bass player John 'Rhino' Edwards, also stepped in for Rick during some of the summer shows."
Parfitt plans to use his down time and convalescence to compose songs for a new solo album he plans to record early next year (17).