We derive a new, two-dimensional nonseparable signal transform for computing the spectrum of spatial signals residing on a finite quincunx lattice. The derivation uses the connection between transforms and polynomial algebras, which has long been known for the discrete Fourier transform (DFT), and was extended to other transforms in recent research. We also show that the new transform can be computed with O(n2 log(n)) operations, which puts it in the same complexity class as its separable counterparts.