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Orthogonal frequency division multiplexing (OFDM) scheme gains growing interests in broadband data communications for wireless communications because of its great immunity to fast fading and intersymbol interference. The channel estimation is a crucial aspect in the design of OFDM systems. In this work, we propose a channel estimation algorithm based on polynomial approximation of the channel parameters in both time and frequency domains. The method exploits both the time and frequency correlation of the channel parameters. The estimator is robust and needs a little prior knowledge about the delay and fading properties of the channel. It can even adjust itself to follow the variation of the channel statistics. Our simulation shows it has more than 5 dB improvement over the existing method under practical channel conditions.