This study presents a pansharpening method, so called FitPAN, to synthesize multispectral images at a higher resolution by exploiting a high-resolution image acquired in panchromatic modality. FitPAN is a modified version of the quadratic programming approach proposed in (Lee, 2008), which is designed to generate synthesized multispectral images similar to the multispectral images that would have been observed by the corresponding sensor at the same high resolution. The proposed scheme aims at reconstructing the multispectral images at the higher resolution with as less spectral distortion as possible. This study also proposes a sharpening process to eliminate some distortions appeared in the fused image of the higher resolution. It employs the Point-Jacobian MAP iteration utilizing the contextual information of the original panchromatic image. In this study, the new method was applied to the IKONOS 1m panchromatic and 4m multispectral data, and the results were compared with them of several current approaches. Experimental results demonstrate that the proposed scheme can achieve significant improvement in both spectral and block distortion.