A short version of this paper that introduces the algorithm, and preliminary simulation results was accepted for presentation at the IEEE International Conference on Acoustics, Speech, and Signal Processing (ICASSP) 2023 [1]. In this journal version we include: (i) A detailed discussion on the implementation of the algorithm; (ii) a rigorous theoretical analysis of the algorithm with detailed proofs; (iii) more extensive simulation results; and (iv) a detailed discussion of the results, and comprehensive discussion and comparison with the existing literature.