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In this paper, we study two-way amplify-and-forward relaying in conjunction with adaptive modulation over a multiple relay network. In order to keep the diversity order equal to the number of relays and maintain a low complexity, we consider the best relay selection scheme in this work. Based on the proposed selection criterion for the best relay, we analyze the average spectral efficiency by its approximated upper bound. In addition, we extend the proposed scheme to the case where a direct path between source and destination exists. Our numerical examples show that the proposed system offers a considerable gain in the spectral efficiency while satisfying the error rates requirements.