In this paper, we propose a new VSS-NLMS algorithm through a simple modification of the conventional NLMS algorithm, which leads to a low complexity algorithm with enhanced performance. The step size of the proposed algorithm becomes smaller as the error signal is getting orthogonal to the input vector. We also show that the proposed algorithm is an approximated normalized version of the KZ-algorithm and requires less computation than the KZ-algorithm. We carried out a performance comparison of the proposed algorithm with the conventional NLMS and other VSS algorithms using an adaptive channel equalization model. It is shown that the proposed algorithm presents good convergence characteristics under both stationary and non-stationary environments despites its low complexity.