A method for texture compressing images having a plurality of color components (R, G, B), includes decomposing the images in sub-blocks each including only one color component. At least one first predictor is defined for each sub-block and a respective set of prediction differences is computed for each sub-block. Then the prediction differences for each sub-block are sorted, and a look-up prediction differences palette is set up by defining a look-up prediction error palette. A predetermined code is associated with each column of the error palette.