Multiplication-accumulation operations described by )--~k=0 Ak Bk represent the fundamental computation involved in many digital signal processing algorithms. For high speed signal processing, one obvious approach to realize the above computation in VLSI is to employ m discrete multipliers working in parallel. However, a more area efficient approach is offered by the merged multiplication technique [5]. But the principal drawback of the conventional merged technique is its longer latency than the former discrete approach. This work proposes a hardware algorithm for merged array multiplication which eliminates this drawback and achieves significant improvement in latency when compared with the conventional scheme for merged multiplication. The proposed algorithm utilizes multiple wave front computation as opposed to the traditional approach where computation in an array multiplier is carried out by a single wave front. The improvement in latency by the proposed approach is greater than 40% (for m > 2) when compared with a conventional approach to merged multiplication. The consequent cost in the form of additional requirement of VLSI area is found to be rather small. In this paper, we provide a thorough analytic discussion on the proposed algorithm and support it by experimental results.