Although magnetic resonance imaging (MRI) is routinely used in clinical practice, long acquisition times limit its practical utility in many applications. To increase the data acquisition speed of MRI, parallel MRI (pMRI) techniques have recently been proposed. These techniques utilize multi-channel receiver arrays and are based on simultaneous acquisition of data from multiple receiver coils. Recently, a novel framework called Compressed Sensing (CS) was introduced. Since this new framework illustrates how signals can be reconstructed from much fewer samples than suggested by the Nyquist theory, it has the potential to significantly accelerate data acquisition in MRI. This paper illustrates that CS and pMRI techniques can be combined and such joint processing yields results that are superior to those obtained from independent utilization of each technique.