Wireless LAN system is evolving toward high-speed data transmission and more accurate channel estimation is necessarily required to improve communication performance. The PLCP preamble field in IEEE 802.11 based wireless MODEM consists of ten short symbols and two long symbols and is used for synchronization and channel estimation. The existing least square (LS) channel estimation is based on only two long training symbols. After estimating channel response separately by using each long training symbol, the final channel estimation is obtained by the average of each estimation. In this paper, a new channel estimation algorithm is presented to improve the performance of the existing LS channel estimation algorithm. From the fact that the short training symbol consists of 12 non-zero subcarriers, it gives us a clue of being able to additionally estimate at least one fourth of channel coefficients. The new LS algorithm performs channel estimation based on both two long training symbols and a short training symbol. The proposed LS algorithm shows a little bit performance improvement over the existing LS estimation and it will be able to be applied to the IEEE 802.11p WAVE system.