Thin film multiferroic nanocomposites might enable a range of potentially disruptive integrated magnetoelectric devices for information storage, spintronics, microwave telecommunications and magnetic sensing. With this aim, we have investigated ion implantation of magnetic species into ferroelectric single crystal targets as a radically novel approach to prepare film nanoparticulate magnetic-metal ferroelectric-oxide composites. These materials are an alternative to multiferroic oxide epitaxial columnar nanostructures that are under intensive research, but whose magnetoelectric response is far from expectations. Here, we unambiguously demonstrate the preparation of such a thin film multiferroic nanocomposite of Co and BaTiO3 by ion implantation of a high dose of the magnetic species, followed by rapid thermal processing under tailored conditions. Results thus constitute a proof of concept for the feasibility of obtaining the materials by this alternative approach. Ion implantation is a standard technique for the microelectronic industry in combination with well-established patterning procedures.