The recent discovery(1) and confirmation(2) of a possible planetary co
mpanion orbiting the solar-type star 51 Pegasi represent a breakthroug
h in the search for extrasolar planetary systems. Analysis of systemat
ic variations in the velocity of the star indicate that the mass of th
e companion is approximately that of Jupiter, and that it is travellin
g in a nearly circular orbit at a distance from the star of 0.05 AU (a
bout seven stellar radii). Here we show that, if the companion is inde
ed a gas-giant planet, it is extremely unlikely to have formed at its
present location. We suggest instead that the planet probably formed b
y gradual accretion of solids and capture of gas at a much larger dist
ance from the star (similar to 5 AU) and that it subsequently migrated
inwards through interactions with the remnants of the circumstellar d
isk. The planet's migration may have stopped in its present orbit as a
result of tidal interactions with the star, or through truncation of
the inner circumstellar disk by the stellar magnetosphere.