To find the position of an acoustic source in a room, the relative delay between two (or more) microphone signals for the direct sound must be determined. The generalized cross-correlation method is the most popular technique to do so and is well explained in a landmark paper by Knapp and Carter. In this paper, a new approach is proposed that is based on eigenvalue decomposition. Indeed, the eigenvector corresponding to the minimum eigenvalue of the covariance matrix of the microphone signals contains the impulse responses between the source and the microphone signals (and therefore all the information we need for time delay estimation). In experiments, the proposed algorithm performs well and is very accurate.