"This has been a tough season for the Blues but we can go out on a good note knowing we have performed to our best.
"We have some players leaving as well and we have James who is reaching an important milestone, so we owe it to them and to ourselves to be the best we can be both individually and collectively on Friday."
Loose forward Brendon O'Connor and prop Angus Ta'avao will also be playing their final match for the Blues.
Parsons said he was honoured to pass on the captaincy to Mealamu, who had been an inspirational figure.
"He is a great man and a great player," Parsons said. "He has set the benchmark on and off the field and I have learned so much from him.
"For me to play 50 games for the Blues is a huge honour that I am very proud of. It's a special moment not only for me but my family and friends that have helped get me here."
The match is also significant for the return of fullback Charles Piutau, who has made a quick return from his knee injury.
The Blues team to play the Highlanders at Eden Park on Friday, kick-off 7.35pm is: Charles Piutau, Ben Lam, Hamish Northcott, George Moala, Melani Nanai, Ihaia West, Jamison Gibson-Park, Joe Edwards, Brendon O'Connor, Chris Vui, Josh Bekhuis, Hayden Triggs, Angus Ta'avao, Keven Mealamu (c), Sam Prattley. Reserves: James Parsons, Nic Mayhew, Sione Mafileo, Will Lloyd, Jack Ram, Jimmy Cowan, Matt McGahan, Lolagi Visinia.