In the absence of communication, the available means to suppress circulating current (CC) are extremely limited, and CC is even more difficult to be suppressed. Therefore, this paper proposes a zero-cycle excitation-voltage model predictive circulating current control (ZCEV-MPC) method for a parallel two-level voltage source inverter (2L-VSI). To extend the regulation degrees of freedom, this paper introduces three voltage vectors in one cycle and determines the vector action time based on the prediction error of the voltage vectors. Based on this, the strategy suppresses low-frequency circulating currents by reshaping the switching sequence based only on information about the direction of the circulating currents on a single inverter pair. However, the high-frequency circulating current remains unsatisfactory due to the unnecessary circulating current excitation voltage still present in the output voltage at this point. To this end, an equivalent zero circulating excitation voltage principle is proposed to divide the effective action interval of the circulating excitation voltage, which neutralizes the circulating excitation voltage outside the interval and reduces the HFCC amplitude without affecting the LFCC suppression effect. Simulation a results verify the effectiveness of the proposed method.