High peak to average power ratio (PAPR) is a limiting factor towards the performance of an OFDM system. Selected Mapping (SLM) is a popular peak to average power ratio (PAPR) reduction scheme used with the OFDM systems. In this technique, U set of candidate sequences are generated that leads to improvement in the PAPR reduction ability of the OFDM systems. The major concern of the conventional SLM is that as the number of candidates is increased, there is a proportional rise in the inverse fast Fourier transforms (IFFT) computations of the systems. In our article we have proposed a scheme in which we increase the number of candidate sequence as (U+U2/4) that leads to improved PAPR performance of the OFDM systems without any equivalent rise in the IFFT computations. It has been demonstrated that both the simulation and analytical results are well-approximated in our proposed schemes. We also estimate the threshold value of PAPR at a fixed value of complementary cumulative distribution function (CCDF) for different number of subcarriers and candidate sequences. Results demonstrate that our proposed scheme outperforms in terms of PAPR reduction ability of the OFDM signal and obtains effective PAPR threshold values with negligible loss in BER performance of the system.