The first multi-cycle multiply/divide circuit was designed
long ago, look at this report from 1946 :
http://www.cs.unc.edu/~adyilie/comp265/vonNeumann.html
You only need enough bits storage for the operands, 32+32 FF,
as they are progressively replaced by computation results
in 32+32 cycles. It's a tricky but clever technique.
However, today, people use these techniques :
http://www.andraka.com/multipli.htm
Oh, and Wikipedia has some hints too :
http://en.wikipedia.org/wiki/Multiplication_ALU
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