diff --git a/newsfragments/1963.feature.rst b/newsfragments/1963.feature.rst
new file mode 100644
index 0000000000..a13663866a
--- /dev/null
+++ b/newsfragments/1963.feature.rst
@@ -0,0 +1 @@
+Add ``parity.trace_transaction``, deprecate ``parity.traceTransaction``
diff --git a/tests/integration/parity/common.py b/tests/integration/parity/common.py
index dfa5b08112..ddf868c028 100644
--- a/tests/integration/parity/common.py
+++ b/tests/integration/parity/common.py
@@ -168,6 +168,10 @@ def test_trace_block(self, web3):
     def test_trace_transaction(self, web3):
         super().test_trace_transaction(web3)
 
+    @pytest.mark.xfail(reason="TODO: tracing not working on v2.5.13")
+    def test_traceTransaction_deprecated(self, web3):
+        super().test_traceTransaction_deprecated(web3)
+
     @pytest.mark.xfail(reason="TODO: tracing not working on v2.5.13")
     def test_trace_filter(self, web3):
         super().test_trace_filter(web3)
diff --git a/web3/_utils/module_testing/parity_module.py b/web3/_utils/module_testing/parity_module.py
index 249b910e54..df12848fdc 100644
--- a/web3/_utils/module_testing/parity_module.py
+++ b/web3/_utils/module_testing/parity_module.py
@@ -75,7 +75,13 @@ def test_trace_block(self, web3: "Web3", block_with_txn: BlockData) -> None:
         assert trace[0]['blockNumber'] == block_with_txn['number']
 
     def test_trace_transaction(self, web3: "Web3", parity_fixture_data: Dict[str, str]) -> None:
-        trace = web3.parity.traceTransaction(HexStr(parity_fixture_data['mined_txn_hash']))
+        trace = web3.parity.trace_transaction(HexStr(parity_fixture_data['mined_txn_hash']))
+        assert trace[0]['action']['from'] == add_0x_prefix(HexStr(parity_fixture_data['coinbase']))
+
+    def test_traceTransaction_deprecated(self, web3: "Web3", parity_fixture_data: Dict[str, str]) -> None:
+        with pytest.warns(DeprecationWarning,
+                          match="traceTransaction is deprecated in favor of trace_transaction"):
+            trace = web3.parity.traceTransaction(HexStr(parity_fixture_data['mined_txn_hash']))
         assert trace[0]['action']['from'] == add_0x_prefix(HexStr(parity_fixture_data['coinbase']))
 
     def test_trace_call(
diff --git a/web3/parity.py b/web3/parity.py
index e75416bc88..5f10c3ba57 100644
--- a/web3/parity.py
+++ b/web3/parity.py
@@ -174,7 +174,7 @@ def trace_replay_transaction_munger(
         mungers=[default_root_munger],
     )
 
-    traceTransaction: Method[Callable[[_Hash32], List[ParityFilterTrace]]] = Method(
+    trace_transaction: Method[Callable[[_Hash32], List[ParityFilterTrace]]] = Method(
         RPC.trace_transaction,
         mungers=[default_root_munger],
     )
@@ -224,3 +224,4 @@ def trace_transactions_munger(
     traceReplayTransaction = DeprecatedMethod(trace_replay_transaction, 'traceReplayTransaction',
                                               'trace_replay_transaction')
     netPeers = DeprecatedMethod(net_peers, 'netPeers', 'net_peers')
+    traceTransaction = DeprecatedMethod(trace_transaction, 'traceTransaction', 'trace_transaction')