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In this paper, we present a novel low complexity algorithm for reducing the peak-to-average power ratio (PAPR) occurring in OFDM-based cognitive radios. Although several PAPR reduction algorithms exist in the literature, they are often only effective for specific scenarios. Our proposed algorithm exploits the agility of cognitive radio technology to rapidly choose and employ the appropriate PAPR reduction approach from a set of approaches to achieve a large decrease in PAPR, given the current operating conditions. The results show that for a wide range of operating conditions, the proposed algorithm achieves a large decrease in PAPR, unlikely the PAPR results when only a single reduction approach is employed across the same wide range.