A novel sensor subset selection algorithm for target parameter estimation in frequency modulated(FM)-based passive radar network was proposed to realize the dynamic coordination of FM signal receivers. By selecting an optimal subset of FM receivers with predetermined subset size, this algorithm can achieve better performance under limited resources. The algorithm uses the coherent Cramer-Rao lower bound (CRLB) as the cost function, and solves the optimization problem by greedy heuristic algorithm. The simulation results show that the proposed algorithm can not only improve the performance of target parameter estimation under limited system resources, but also greatly reduce the calculation amount, and thus has a strong practicability.