Acoustic echo cancellation (AEC) is a key speech enhancement technology in speech communication and voice-enabled devices. AEC systems employ adaptive filters to estimate the acoustic echo paths between the loudspeakers and the microphone(s). In applications involving surround sound, the computational complexity of an AEC system may become demanding due to the multiple loudspeaker channels and the necessity of using long filters in reverberant environments. In order to reduce the computational complexity, the approach of partially updating the AEC filters is considered in this paper. In particular, we investigate tap selection schemes which exploit the sparsity present in the loudspeaker channels for partially updating subband AEC filters. The potential for exploiting signal sparsity across three dimensions, namely time, frequency, and channels, is analyzed. A thorough analysis of different state-of-the-art tap selection schemes is performed and insights about their limitations are gained. A novel tap selection scheme is proposed which overcomes these limitations by exploiting signal sparsity while not ignoring any filters for update in the different subbands and channels. Extensive simulation results using both artificial as well as real-world multichannel signals show that the proposed tap selection scheme outperforms state-of-the-art tap selection schemes in terms of echo cancellation performance. In addition, it yields almost identical echo cancellation performance as compared to updating all filter taps at a significantly reduced computational cost.