A method for generating a magnetic resonance image includes acquiring a first k-space data set from each of a plurality of RF coils. The first k-space data set includes calibration data and randomly undersampled data. For each RF coil, a fully randomly sampled k-space data set is generated by removing a portion of the calibration data. A compressed sensing reconstruction technique is applied to the fully randomly sampled k-space data set to generate an aliased image, which is used to generate a uniformly undersampled k-space data set. A second k-space data set is generated by inserting the portion of the calibration data and a parallel imaging reconstruction technique is applied to the second k-space data set to synthesize unacquired data. The second k-space data set and the synthesized data are combined to generate a complete k-space data set for the RF coil.