The rookie West Brom winger, who has been on loan at Prenton Park since December, will miss the final 10 games of the campaign, leaving Parry searching for reinforcements.
Parry said: "Lateef has had another scan on his knee and they found that he's got a bit of irritation that needs resting until the end of the season so he won't play for us again this season.
"It's a massive loss as he's done really well for us and we'll really miss him.
"That leaves us a little bit thin up top and we need to be looking at bringing a striker in.
"If we don't get the right person we're quite happy with what we've got. The problem is if we pick up any more injuries."