How to change the location of Parallel Installation & VM

Hi Everybody,
I am a novice to Parallels. I had installed Parallels Desktop for Mac 8 on my Macbook Pro, but now I am falling short of space on Mac's HDD. How can change the location from Mac's HDD to an external drive which is always connected to my macbook. I have installed Windows 7 as a Virtual Machine and quite a number of softwares on it, therefore, I would not like to uninstall and re-install everything again, as it would be very difficult for me to re-configure them all again.

I would highly appreciate if someone can advise me on how to change the location of the Parallels installation and the Virtual Machine from my Macbook's HDD to an external location. Do I have to only change the folder/file or I would be required follow some other steps.

Any help is appreciated.
Thanks.... Murtaza.

 

Did anyone ever reply to this query? Forum shows 2 posts, but I don't see any reply. This is exactly the question I'm trying to answer today.