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A novel FPGA based online tracking algorithm for helix track reconstruction in a solenoidal field, developed for the PANDA spectrometer, is described. Employing the Straw Tube Tracker detector with 4636 straw tubes, the algorithm includes a complex track finder, and a track fitter. Implemented in VHDL, the algorithm is tested on a Xilinx Virtex-4 FX60 FPGA chip with different types of events, at different event rates. A processing time of 7 $\mu$s per event for an average of 6 charged tracks is obtained. The momentum resolution is about 3\% (4\%) for $p_t$ ($p_z$) at 1 GeV/c. Comparing to the algorithm running on a CPU chip (single core Intel Xeon E5520 at 2.26 GHz), an improvement of 3 orders of magnitude in processing time is obtained. The algorithm can handle severe overlapping of events which are typical for interaction rates above 10 MHz., Comment: 7 pages, 10 figures