In this paper, a new cache replacement policy named Selection Alternative Replacement (SAR), which minimizes shared cache miss rate in chip multi-processor architecture, is proposed. A variety of cache replacement policies have been used for minimizing the cache misses. However, replacing cache items which have high utilization leads to additional cache misses. SAR policy stores the labels of discarded cache items and uses stored information to prevent additional cache misses. The results of experiments show that the SAR policy decreases cache miss rate by 6.01% averagely and enhances instruction per cycle by 7.01% averagely compared with the conventional pseudo least recently used policy.