Bulk metallic glass-forming Pd 40 Ni 10 Cu 30 P 20 has been investigated in its equilibrium liquid by quasielastic neutron scattering. The quasielastic signal exhibits a structural relaxation as known from nonmetallic viscous liquids. Even well above the melting point, the structural relaxation is nonexponential and obeys a universal time-temperature superposition. From the mean relaxation times average diffusivities have been determined, resulting in values on a 10 210 m 2 s 21 scale, 3 orders of magnitude slower than in simple metallic liquids. PACS numbers: 61.25.Mv, 61.20.Lc, 64.70.Pf During the past few years, new multicomponent Zrbased alloys have been found which show a high stability against crystallization in their undercooled liquid state when cooled below their melting point as well as when heated above the calorimetric glass transition temperature [1,2]. Cooling rates as low as 1 K͞s allow for the casting of bulk metallic glass of up to 50 mm in the smallest dimension. The stability with respect to crystallization comes along with a viscosity of several Pa s at their liquidus temperatures [3,4], which is some 3 orders of magnitude larger than in simple metallic liquids. Hence, one expects atomic motion in the liquid state to differ from the microscopic dynamics in simple metals [5].Recently, we investigated the fast dynamics in liquid Zr 46.8 Ti 8.2 Cu 7.5 Ni 10 Be 27.5 ͑V 4͒ by inelastic neutron scattering [6]. Our results compare well to the behavior of certain molecular and ionic glass-forming liquids [7], and to predictions by the mode-coupling theory (MCT) of the liquid-to-glass transition [8]. Within mode-coupling theory, a fast relaxation process on a meV scale-the fast b relaxation, which can be visualized as a rattling of the atoms in the transient cages formed by their neighborsprepares structural a relaxation responsible for viscous flow. It turned out, that, indeed, there is a fast b relaxation in liquid Zr 46.8 Ti 8.2 Cu 7.5 Ni 10 Be 27.5 and that it is in full accord with mode-coupling theory. The dynamics in an equilibrium metallic liquid towards longer times as well as its behavior relative to the structural a relaxation known from nonmetallic glass-forming systems, remains an open question.In this Letter we report on the study of structural relaxation in liquid Pd 40 Ni 10 Cu 30 P 20 over a broad temperature range. This alloy is the best metallic glass former known so far. A critical cooling rate of only 0.1 K͞s is sufficient to avoid crystallization and to obtain bulk metallic glass castings of up to 72 mm in diameter [9]. Pd 40 Ni 10 Cu 30 P 20 combines a deep eutectic composition with a liquidus temperature T liq at only 865 K (V 4: 1050 K) with a high glass transition temperature T g Ӎ 578 K (V 4: Ӎ 626 K). Therefore, in contrast to simple metallic liquids and most alloys, relaxational dynamics in liquid Pd 40 Ni 10 Cu 30 P 20 is sufficiently slow to study structural relaxation in an equilibrium metallic liquid with quasielastic neutron scattering.Common features of structural...