1. A method for reconstructing an image in a magnetic resonance imaging system, comprising: acquiring magnetic resonance signals from a plurality of receiver coils placed about a subject, each receiver coil having a coil sensitivity; iteratively polling each acquired magnetic resonance signal for determining one or more significant wavelet components of each acquired magnetic resonance signal by utilizing a coil sensitivity function of each receiver coil for each acquired magnetic resonance signal; iteratively determining one or more coefficients based on the one or more significant wavelet components to generate a plurality of coefficients for each acquired magnetic resonance signal; reconstructing an image utilizing a corresponding plurality of coefficients corresponding to each acquired magnetic resonance signal; and generating a composite image by combining the reconstructed images.