A new approach for sampling rate conversion of digitally sampled signals is presented. The approach enables conversion from any given source sampling rate to any desired target sampling rate even if the source and destination clocks are not synchronous. The importance of algorithm is in a communication system where the sampling is done on one system and the playback is done on another, in such cases a drift between the clock occurs causing synchronization problems. The algorithm utilizes a very simple approach and indeed consumes less than one Mips. The algorithm was implemented on the IBM Signal Processor (Mwave-MDSP2780) and is used to convert a low sampling rate (8 or 9.6KHz) to the high CD rate (44.1Khz) and vice-versa.