In order to solve the well-known drawback of reduced flexibility that is associate with ASIC implementations, this paper proposes a novel arithmetic unit over GF(2$^{m}$ ) for field programmable gate arrays (FPGAs) implementations of elliptic curve cryptographic processor. The proposed arithmetic unit is based on the binary extended GCD algorithm and the MSB-first multiplication scheme, and designed as systolic architecture to remove global signals broadcasting. The proposed architecture can perform both division and multiplication in GF(2$^{m}$ ). In other word, when input data come in continuously, it produces division results at a rate of one per m clock cycles after an initial delay of 5m-2 in division mode and multiplication results at a rate of one per m clock cycles after an initial delay of 3m in multiplication mode respectively. Analysis shows that while previously proposed dividers have area complexity of Ο(m$^2$) or Ο(mㆍ(log$_2$$^{m}$ )), the Proposed architecture has area complexity of Ο(m), In addition, the proposed architecture has significantly less computational delay time compared with the divider which has area complexity of Ο(mㆍ(log$_2$$^{m}$ )). FPGA implementation results of the proposed arithmetic unit, in which Altera's EP2A70F1508C-7 was used as the target device, show that it ran at maximum 121MHz and utilized 52% of the chip area in GF(2$^{571}$ ). Therefore, when elliptic curve cryptographic processor is implemented on FPGAs, the proposed arithmetic unit is well suited for both division and multiplication circuit.