The present work deals with the study of the gravitational collapsing phenomenon of spherically symmetric massive stars with a Λ parameterization A collapsing model with a cosmological constant of the form Λ=β(θ ̇/3+θ^2/9) has been considered. In this model, exact solutions of the Einstein field equations (EFEs) are obtained using the $\Lambda$ parametrization and the junction conditions. All the physical and geometrical quantities are calculated in terms of the Schwarzschild mass M and areal radius R of spherically symmetric stars. Consequently, we have approximated the masses and radii of different stars to estimate the value of the model parameter β. We discuss the collapsing process and singularity formation for these stars and observe that all the physical and geometrical parameters of the model heavily depend on the model parameter β. We further discuss spacetime singularity through the development of apparent horizons.