A graph theoretic color image segmentation algorithm is proposed, in which the popular normalized cuts image segmentation method is improved with modifications on its graph structure. The image is represented by a weighted undirected graph, whose nodes correspond to over-segmented regions, instead of pixels, that decreases the complexity of the overall algorithm. In addition, the link weights between the nodes are calculated through the intensity similarities of the neighboring regions. The irregular distribution of the nodes, as a result of such a modification, causes a bias towards combining regions with high number of links. This bias is removed by limiting the number of links for each node. Finally, segmentation is achieved by bipartitioning the graph recursively according to the minimization of the normalized cut measure. The simulation results indicate that the proposed segmentation scheme performs quite faster than the traditional normalized cut methods, as well as yielding better segmentation results due to its region-based representation.