Let $P \colon\; y = x^2$ be a parabola and $C_{a,b} \colon\; (x-a)^2 + (y-b)^2 = b^2$ be a circle.
Suppose that $C_{a, b}$ contacts the parabola $P$ with one point, i.e., $C_{a, b}$ tangential to $P$.
Is it easy to describe the locus of the center $(a,b)$ of $C_{a,b}$?
It seems that a complicated quartic equation $f(a, b)$ should be the answer, but would be some simple presentation via polar equation or something else.

It is advantageous to adopt parameterization. Finding it is (should be taken :) ) Locus is best left in its parametric form.
Introducing a constant for verification of physics dimension is also beneficial during calculation.
$$ x_p= 2ft,\, y_p= ft^2;\, \tag1 $$
$$ y_p =\frac{x_p^2}{4f} \,f=\frac14;\,\frac{dy}{dx}= \frac{dy/dt}{dx/dt}= \frac{2ft}{2f} =t $$ So $t$ is slope $= \tan \phi $
You want that perpendicular distance from Locus to parabola should be the $y-$ coordinate when the circle touches both the $x-$ axis and parabola $y_p=x_p^2/(4f) $ .
To find touching Locus subtract and add components of contact circle radius $\rho$ with given condition
$$y_p-\rho \cos \phi = \rho \,;\quad \rho= \frac{y_p}{1+\cos \phi} $$
To work out $(x_c,y_c)=(a,b)$ ( I prefer retaining $(x,y)$ for variables)
$$ y_c= y_p- \rho \cos \phi= y_p( 1- \frac{\cos \phi}{1+\cos \phi}) = \frac{y_p}{1+\cos \phi}$$ $$ x_c= x_p+ \frac{y_p \sin \phi}{1+\cos \phi}$$
Or in terms of $t$ we have
$$ x_c = 2 ft + \frac{f t^3}{\pm \sqrt{1+t^2} +1}\,;\ y_c = \frac{ ft^2 \sqrt{1+t^2}} {\pm \sqrt{1+t^2} +1} ; \tag2 $$
Two Loci that come about are sketched above due to $\pm$ signs of square root arising from trig relations. ( + sign for curve 1, - sign for curve 2 ). A sort of "curvilinear angle bisector" in each case, if you will.
Elimination of $\phi$ results in a fourth order polynomial.. (left out as an exercise if/when further interested).