In this paper, we investigate a special case of the static aircraft landing problem (ALP) with the objective to optimize landing sequences and landing times for a set of air planes. The problem is to land the planes on one or multiple runways within a time window as close as possible to the preferable target landing time, maintaining a safety distance constraint. The objective of this well-known NP-hard optimization problem is to minimize the sum of the total penalty incurred by all the aircraft for arriving earlier or later than their preferred landing times. For a problem variant that optimizes a given feasible landing sequence for the single runway case, we present an exact polynomial algorithm and prove the run-time complexity to lie in $O(N^3)$, where $N$ is the number of aircraft. The proposed algorithm returns the optimal solution for the ALP for a given feasible landing sequence on a single runway for a common practical case of the ALP described in the paper. Furthermore, we propose a strategy for the ALP with multiple runways and present our results for all the benchmark instances with single and multiple runways, while comparing them to previous results in the literature.