A variable gain control circuit comprising an input stage and an output stage is responsive to an applied input signal for providing an output signal. The input stage and output stage are independently biased by respective bias sources and each include circuitry responsive to a dynamic control voltage, the latter of which is generated in response to the input signal, to permit the absolute magnitudes of the input signal and output signal to exceed the respective bias sources. The ratio of the output and input signals is proportional to the ratio of the bias sources.