This paper presents an algorithm that aims to reduce the peak-to-average power ratio (PAPR) of orthogonal frequency division multiplexing (OFDM) communication systems while main-taining frequency tracking. The algorithm achieves PAPR reduction by applying the complex conjugates of the data symbol obtained from the frequency domain to cancel the phase of the data sym-bol. A likelihood estimator is used to obtain the sub-carrier phase error due to the residual carrier frequency offset (RCFO) using the same complex conjugates as a pilot signal. Furthermore, a joint time and frequency domain multicarrier phase locked loop (MPLL) is developed to compensate additional frequency offset. Simula-tion results show that this algorithm is capable of reducing PAPR without impacting the frequency tracking performance.