Microwave ablation is widely recognized as a promising minimally invasive tool for treating cancer. Real-time monitoring of the dimensions of the ablation zone is indispensable for ensuring an effective and safe treatment. In this paper, we propose a microwave imaging algorithm for monitoring the evolution of the ablation zone. Our proposed algorithm determines the boundary of the ablation zone by exploiting the time difference of arrival (TDOA) between signals received before and during the ablation at external antennas surrounding the tissue, using the interstitial ablation antenna as the transmitter. A significant advantage of this method is that it requires few assumptions about the dielectric properties of the propagation media. Also the simplicity of the signal processing, wherein the TDOA is determined from a cross-correlation calculation, allows real-time monitoring and provides robust performance in the presence of noise. We investigate the performance of this approach for the application of breast tumor ablation. We use simulated array measurements obtained from finite-difference time-domain simulations of magnetic resonance imaging-derived numerical breast phantoms. The results demonstrate that our proposed method offers the potential to achieve millimeter-order accuracy and real-time operation in estimating the boundary of the ablation zone in heterogeneous and dispersive breast tissue.