relocating Virtual Machines folder and Parallels/Windows XP from Documents folder in OSX

Currently my Parallels Desktop installation (Version 12.0.0 (41273)) has placed some large files in the Documents folder on my Mac. Is it possible to relocate these files elsewhere and if so how?
folders include:
Virtual Machines/Windows XP Professional (this includes a large number of other folders and files and currently uses about 45GB)
Parallels/Windows XP.pvm (this uses about 47GB)

 

Hello @EllisonS
The file with a .pvm extension is your actual Windows and if you delete those files, you will not be able to start the Windows virtual machine. You can change the location of the .pvm file to a different location or you can even run the virtual machine from an external hard disk.