As an editor with one of IEEE Transactions, I have a proposal for the peer review mechanism in IEEE transactions and other journals. The current mechanism has two drawbacks: 1) difficulty to find available experts in some cases, which may compromise the quality of review, and 2) lengthy process that lasts between 6-12 months from submission to final acceptance. I believe that reviewers should be incentivized to provide a good quality of review in a timely manner (say, 2 weeks). Hence, I am suggesting a rapid peer review option for manuscripts. This option will be useful for authors who may be interested in publishing their research work rapidly (e.g., 4-6 weeks from submission). The proposed option is similar to the binary peer review process adopted in IEEE Access (Open Access Journal). Under the proposed model, the authors will need to pay a processing fee (say, USD 500) upon acceptance. Such processing fees will cover the cost of review; reviewers can receive either a monetary remuneration (say, USD 50 per article reviewed) or a credit (say, USD 75 per article reviewed) that can be applied towards their publications. The proposal of incentivizing reviewers must be accompanied by a system that allows editors to assign fair scores (e.g., R-score) to reviewers according to the quality and timeliness of reviews provided. By providing such incentive to reviewers and evaluating the quality and timeliness of reviewers, Periodicals can guarantee high quality of review in a rapid manner. With this spirit, active researchers will compete to provide high quality review in a timely manner too.