An automatic threshold voltage adjustment circuit, a method of automatically adjusting threshold voltage and an optical receiver for an optical communication system. In one embodiment, the circuit includes: (1) an amplitude detector configured to detect an amplitude of a received optical signal, (2) a variable resistor coupled to the amplitude detector and including a field-effect transistor configured to operate in a triad mode to provide a resistance that varies substantially linearly based on the amplitude and (3) an operational amplifier coupled to the variable resistor and configured to apply a variable gain based on the resistance to an input threshold voltage to yield an adapted threshold voltage.