To reduce the variance of speckle in coherent imaging systems, one must average images with different speckle realizations. Traditionally, these images have been formed by observing the target region from slightly different angles (spatial compounding) or by varying the involved temporal frequencies (frequency compounding). In this paper, we investigate a third option based on Thomson's multitaper approach to power spectrum estimation. The tapers are applied spatially, as array weights. Our investigations, based on both recorded ultrasound data and simulations, verify that the multitaper approach can be used for speckle reduction at a rate comparable to that of the more traditional method of spatial compounding. Because of the spectral concentration of the tapers, an added benefit is reduced side lobe levels, which can result in steeper edges and better definition of cyst-like structures.