Visual tracking is formulated as an optimization problem of the position of a target object on video frames. This paper proposes a new tracking method based on dynamic programming (DP). Conventional DP-based tracking methods have utilized DP as an efficient breadth-first search algorithm. Thus, their computational complexity becomes prohibitive if the search breadth becomes large according to the increase of the number of parameters to be optimized. In contrast, the proposed method can avoid this problem by utilizing DP as an analytical solver rather than the conventional breadth-first search algorithm. In addition to experimental evaluations, it will be revealed that the proposed method has a close relation to the well-known KLT tracker.