This paper proposes a novel multi-model adaptive identification (MMAI) algorithm for discrete-time linear time invariant (LTI) uncertain systems with tunable performance. The uncertain plant parameter vector is assumed to belong to a known convex hull of a finite number of vertices; these vertices are considered as initial choice of vertices of an adaptive model parameter set. The estimated parameter, corresponding to the uncertain plant parameter, is computed at every instant as a convex combination of the model set vertices. To update the vertices of the adaptive model parameter set, a switched adaptive update law is proposed, along with a novel discrete-time initial excitation (IE) condition, which is imposed on the regressor signal. The proposed discrete-time IE condition is online verifiable and is milder than persistence of excitation (PE) condition, required for parameter convergence in classical adaptive estimation routines. The switched adaptive law guarantees exponential convergence of the vertices of the model set as well as the estimated parameter, to the true plant parameter, provided the regressor signal satisfies the IE condition. The properties of the designed MMAI strategy are validated through suitable simulation examples.