Heart rate variability (HRV) is commonly intended as the variation in the heart rate (HR), and it is evaluated in the time and frequency domains with various well-known methods. In the present paper, the heart rate is considered as a time domain signal, at first as an abstract model in which the HR is the instantaneous frequency of an otherwise periodic signal, such as with an electrocardiogram (ECG). In this model, the ECG is assumed to be a frequency modulated signal, or carrier signal, where HRV orHRV(t)is the time-domain signal which is frequency modulating the carrier ECG signal around its average frequency. Hence, an algorithm able to frequency demodulate the ECG signal to extract the signalHRV(t)is described, with possibly enough time resolution to analyse fast time-domain variations in the instantaneous HR. After exhaustive testing of the method on simulated frequency modulated sinusoidal signals, the new procedure is eventually applied on actual ECG tracings for preliminary nonclinical testing. The purpose of the work is to use this algorithm as a tool and a more reliable method for the assessment of heart rate before any further clinical or physiological analysis.