With increased logic density due to the shift towards Deep Submicron technologies (DSM), FPGAs have become a viable option for implementing large designs. However, most commercial FPGAs, due to their general purpose architectural nature, cannot handle designs which require very high throughput. In this paper, we propose a novel high throughput FPGA architecture which tries to combine the high-performance of Application Specific Integrated Circuits (ASICs) and the flexibility afforded by the reconfigurability of FPGAs. This architecture utilizes the concept of `WaveSteering' and works best for designs which are highly regular and have almost equal delays along all paths. It has enormous potential in Digital Signal and Image Processing applications since a good portion of these applications are regular in nature. Preliminary results for some commonly used DSP designs are encouraging and yield throughputs in the neighborhood of 770 MHz in 0.5