Desired Image Compression algorithms in scikit-image

Hi everyone, As a part of my proposal<https://github.com/scipy/scipy/wiki/GSoC-2014-:-Discrete-Wavelet-Transform-proposal-draft>on integrating Discrete Wavelet Transforms and related algorithms into scipy.signal, I need some suggestions on some image compression algorithms that I can implement into scikit-image in 3 weeks. JPEG 2000 that uses DCT is one that is on the cards currently. Anyone with some knowledge on wavelet based image compression techniques can comment about some popular algorithms in this area. I am looking into a few papers but I found the literature on this topic relatively dispersed. Thanks. Cheers, Ankit.