The 54-year-old, who headed up the Weatherfield soap between March 1997 and August 1998, was apparently rushed to a Perugian hospital yesterday after suffering a suspected brain aneurysm.
His parents Grace and Ronald are said to have travelled to Italy to be with their son, who is being treated in intensive care.
During his controversial Coronation Street producership, Park axed a plethora of the programme's most popular characters, including Don Brennan (Geoffrey Hinsliff), Percy Sugden (Bill Waddington) and Maureen Holsdworth (Sherrie Hewson), making way for a younger cast.
Adam Rickett was subsequently cast as Nick Tilsley, the Battersby family assumed residence on the Street and Julie Hesmondhalgh took on the role of Hayley Patteson, British soap's first transsexual character.
He also oversaw Deirdre Rachid's (Anne Kirkbride) imprisonment storyline, which resulted in a national 'Free the Weatherfield One' campaign.
After Coronation Street, Park went on to establish Shed Productions with Ann McManus and Maureen Chadwick, executive producing ITV dramas Bad Girls, Footballers' Wives and Rock Rivals.