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In this paper we present a two-term Machin-like formula for pi\[\frac{\pi}{4} = 2^{k - 1}\arctan\left(\frac{1}{u_1}\right) +\arctan\left(\frac{1}{u_2}\right)\] with small Lehmer's measure $e \approx0.245319$ and describe iteration procedure for simplified determination of therequired rational number $u_2$ at $k = 27$ and $u_1 = 85445659$. With theseresults we obtained a formula that has no irrational numbers involved incomputation and provides $16$ digits of pi at each increment by one of thesummation terms. This is the smallest Lehmer's measure ever reported for theMachin-like formulas for pi.

An iteration procedure for a two-term Machin-like formula for pi with small Lehmer's measure