We develop three novel wavelet domain denoising methods for subband-adaptive, spatially-adaptive and multivalued image denoising. The core of our approach is the estimation of the probability that a given coefficient contains a significant noise-free component, which we call “signal of interest” In this respect, we analyze cases where the probability of signal presence is 1) fixed per subband, 2) conditioned on a local spatial context, and 3) conditioned on information from multiple image bands. All the probabilities are estimated assuming a generalized Laplacian prior for noise-free subband data and additive white Gaussian noise. The results demonstrate that the new subband-adaptive shrinkage function outperforms Bayesian thresholding approaches in terms of mean-squared error. The spatially adaptive version of the proposed method yields better results than the existing spatially adaptive ones of similar and higher complexity. The performance on color and on multispectral images is superior with respect to recent multiband wavelet thresholding.