A method and system for dynamic memory allocation and sharing in electronic systems. Embodiments include multi-channel signal processing, including continuously receiving multiple channels, wherein each channel comprises a discrete signal, and processing the multiple channels in a signal processing component on a time-multiplexed basis. Processing the multiple channels includes configuring the signal processing component for one of a plurality of operational modes, including allocating a memory into areas for storage of types of data, wherein certain areas are accessed by certain signal processing subsystems in certain manners. Configuring includes configuring the signal processing component to operate in different modes concurrently for different channels.