Hi JSUP

The first technology that came to mind for this work involves synchronising a pair of radio signals at 2 separate frequencies to an atomic clock. Such signals can be used in determining distance using a mathematical relationship I do not propose to discuss here. Some variations on this technique are lower power than others.
The IC for signals synchronisation has been developed for an arcane application and relies on the GPS satellite transmissions which are themselves readily available and are sufficiently precise.
It happens that I slightly know the man who developed the technology I have described in the 2nd paragraph and I'm sure he could unite it with the technology of the first paragraph for a mere half million or less. Or perhaps a lot more.
The second technology that comes to my mind is a pair of wristwatch GPS units with a radio link between them and an integrated microprocessor at the detector end. This is once again a job for "A", and once again his mission will cost you a lot more than you can pay.
These technologies might not even be feasible in such a small package.
In short I think your requirements are unrealistic.