An exemplary system, method and computer-accessible medium for removing noise and Gibbs ringing from a magnetic resonance (“MR”) image(s), can be provided, which can include, for example, receiving information related to the MR image(s), receiving information related to the MR image(s), and removing the Gibbs ringing from the information by extrapolating data in a k-space from the MR image(s) beyond an edge(s) of a measured portion of the k-space. The data can be extrapolated by formatting the data as a regularized minimization problem(s). A first weighted term of the regularized minimization problem(s) can preserve a fidelity of the extrapolated data, and a second weighted term of the regularized minimization problem(s) can be a penalty term that can be based a norm(s) of the MR image(s), which can be presumed to be sparse