1. In an encoding or decoding video system, an image prediction method with a processor, the method comprising: receiving a first image; receiving prediction parameters for a multi-channel multiple-regression (MMR) prediction model, wherein the MMR model is adapted to predict a second image in terms of the first image; and applying the first image and the prediction parameters to the MMR prediction model to generate an output image approximating the second image, wherein pixel values of at least one color component of the output image are computed based on pixel values of at least two color components in the first image, wherein for generating a predicted output pixel value ({circumflex over (v)} i ) for a luma and/or chroma component the MMR model comprises a first order MMR model with cross products comprising: a constant value (n), at least a linear combination of pixel values of two different color components, and at least one product term of pixel values of two different color components.