Ill-posed linear inverse problems (ILIP), such as restoration and reconstruction, are a core topic of signal/image processing. A standard approach to deal with ILIP uses a constrained optimization problem, where a regularization function is minimized under the constraint that the solution explains the observations sufficiently well. The regularizer and constraint are usually convex; however, several particular features of these problems (huge dimensionality, non-smoothness) preclude the use of off-the-shelf optimization tools and have stimulated much research. In this paper, we propose a new efficient algorithm to handle one class of constrained problems (known as basis pursuit denoising) tailored to image recovery applications. The proposed algorithm, which belongs to the category of augmented Lagrangian methods, can be used to deal with a variety of imaging ILIP, including deconvolution and reconstruction from compressive observations (such as MRI). Experiments testify for the effectiveness of the proposed method. Comment: 4 pages, 1 figure, 3 tables. Submitted to IEEE ICASSP'2010