We propose a new architecture of phase sensitive optical frequency converter based on dual-pump phase sensitive amplification in a highly nonlinear fiber. This frequency converter allows generation of extra tones through nonlinear four-wave mixing between two strong pumps and an input tone. The frequency channel to which the input tone is converted can be chosen by adjusting the phase of the input signal. The conversion efficiency and extinction ratio of this frequency converter are predicted and optimized and its noise figure is calculated using a numerical approach based on the nonlinear Schrödinger equation. A semi-classical noise figure calculation for this approach was used and validated using an analytical fully quantum calculation based on the multi-wave model.