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A new time-delay estimator is presented in this paper. It is evaluated based on the delay property of the fractional Fourier transform with less computation and is suitable for chirp signals. The statistical analysis in terms of signal-to-noise ratio (SNR) and estimation accuracy for this estimation is also studied. The proposed method for the time delay yields a variance which is theoretically equal to the Cramer-Rao lower bound. The validity of this estimation method is demonstrated via simulations.