Dynamic storage allocation concerns the problem of reserving or releasing memory space according to requirements. This is usually done by software technique. In this paper a hardware unit is introduced which performs storage allocation. An associated type of memory is proposed which gives full information regarding the free and occupied locations of the main storage. Based on this assumption, a searching algorithm is suggested and its hardware implementation is developed. The hardware unit is to work concurrently with the CPU such that the CPU time necessary for storage allocation can now be used for other computations.