Air quality data sets are widely used in numerous analyses. Missing values are ubiquitous in air quality data sets as the data are collected through sensors. Recovery of missing data is a challenging task in the data preprocessing stage. This task becomes more challenging in time series data as time is an implicit variable that cannot be ignored. Even though existing methods to deal with missing data in time series perform well in situations where the percentage of missing values is relatively low and the gap size is small, their performances are reasonably lower when it comes to large gaps. This paper presents a novel algorithm based on seasonal decomposition and elastic net regression to impute large gaps of time series data when there exist correlated variables. This method outperforms several other existing univariate approaches namely Kalman smoothing on ARIMA models, Kalman smoothing on structural time series models, linear interpolation, and mean imputation in imputing large gaps. However, this is applicable only when there exists one or more correlated variables with the time series with large gaps.