  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 $e \approx
0.245319$ and describe iteration procedure for simplified determination of the
required rational number $u_2$ at $k = 27$ and $u_1 = 85445659$. With these
results we obtained a formula that has no irrational numbers involved in
computation and provides $16$ digits of pi at each increment by one of the
summation terms. This is the smallest Lehmer's measure ever reported for the
Machin-like formulas for pi.
