A multi-channel LED driver includes a plurality of linear current regulators, each connected to a bottom of a string of series connected LEDs of a multi-channel LED that controls a bias current and the string of series connected LEDs responsive to an LED bias reference voltage. A dynamic headroom regulation voltage control circuit monitors the headroom regulation voltage at the bottom of each string of the series connected LEDs in the multi-channel LED and generates a reference voltage controlling each of the headroom regulation voltages responsive to the LED bias reference voltage.