In this paper, we propose a novel non-iterative technique for fetal electrocardiogram extraction. The polynomial networks technique is used to nonlinearly map the MECG signal recorded at the thorax area to the ECG signals recorded at the abdomen. The FECG component is then extracted by subtracting the nonlinearly mapped MECG component from the abdominal ECG signal. Visual test results obtained from real ECG signals show that the proposed algorithm is capable of reliably extracting the FECG from two leads only. The visual quality of the FECG extracted by the proposed technique is found to meet or exceed that of published results using other techniques.