A system and method for performing parallel magnetic resonance imaging (“MRI”) with a polarizable or hyperpolarizable contrast agent are provided. The contrast agent may be provided in the form of a gas, a liquid, or a solid. The system may include a phased-array rigid coil with, e.g., a 24-channel phased-array for a receiver and a 2-channel large loop for a transmitter. The phased-array rigid coil can be connected to a low impedance preamplifier for decoupling the strong coupling between two adjacent coils in the phased-array rigid coil. The system and method may be used for enhancing the signal-to-noise ratio, and/or reducing the scan acquisition time of acquired images in a parallel MRI scan of a patient who is breathing a hyperpolarized gas.