A method of registering images at subpixel accuracy has been proposed, which does not resort to interpolation. The method is based on the phase correlation method and is remarkably robust to correlated noise and uniform variations of luminance. We have shown that the cross power spectrum of two images, containing subpixel shifts, is a polyphase decomposition of a Dirac delta function. By estimating the sum of polyphase components one can then determine subpixel shifts along each axis.