A new concept of human-machine interface to control hand prostheses based on displacements of multiple magnets implanted in the limb residual muscles, the myokinetic control interface, has been recently proposed. In previous works, magnets localization has been achieved following an optimization procedure to find an approximate solution to an analytical model. To simplify and speed up the localization problem, here we employ machine learning models, namely linear and radial basis functions artificial neural networks, which can translate measured magnetic information to desired commands for active prosthetic devices. They were developed offline and then implemented on field-programmable gate arrays using customized floating-point operators. We optimized computational precision, execution time, hardware, and energy consumption, as they are essential features in the context of wearable devices. When used to track a single magnet in a mockup of the human forearm, the proposed data-driven strategy achieved a tracking accuracy of 720 μm 95% of the time and latency of 12.07 μs. The proposed system architecture is expected to be more power-efficient compared to previous solutions. The outcomes of this work encourage further research on improving the devised methods to deal with multiple magnets simultaneously.