We present our progress in developing a novel algorithm to extract synonyms from bilingual dictionaries. Identification and usage of synonyms play a significant role in improving the performance of information access applications. The idea is to construct a translation graph from translation pairs, then to extract and consolidate cyclic paths to form bilingual sets of synonyms. The initial evaluation of this algorithm illustrates promising results in extracting Arabic-English bilingual synonyms. In the evaluation, we first converted the synsets in the Arabic WordNet into translation pairs (i.e., losing word-sense memberships). Next, we applied our algorithm to rebuild these synsets. We compared the original and extracted synsets obtaining an F-Measure of 82.3% and 82.1% for Arabic and English synsets extraction, respectively.