Migration - Intel Windows 10 to ARM Windows 11 - Intel MacBook to M1 Pro

Hi.
What I'm hoping to do might not be possible.
I currently have 64 bit Intel Windows 10 Pro Guest running on a Virtual Box VM.
I have read the steps needed to convert to a Parallels VM
I have ordered a new M1 Pro Macbok and I will be looking to ideally use the converted Parallels VM on the new MacBook.
Will I be able to start the converted Parallels VM on the M1 Pro Mac?
If I can, will I be able to upgrade to Windows 11.
If there's a better way of doing this I'm open to advice.
I currently have an old Parallels license (very old) and I'll upgrade to 17, but I'm not sure where to install 17 - The intel Mac and then transfer or directly onto the M1 Pro Mac.

Any help gratefully received.
SM22