We present the results of an R&D study for a specialized processor capable of precisely reconstructing events with hundreds of charged-particle tracks in pixel and silicon strip detectors at 40 MHz, thus suitable for processing LHC events at the full crossing frequency. For this purpose we design and test a massively parallel pattern-recognition algorithm, inspired to the current understanding of the mechanisms adopted by the primary visual cortex of mammals in the early stages of visual-information processing. The detailed geometry and charged-particle's activity of a large tracking detector are simulated and used to assess the performance of the artificial retina algorithm. We find that high quality tracking in large detectors is possible with sub-microsecond latencies when the algorithm is implemented in modern, high-speed, high-bandwidth FPGA devices.