Adaptive exponential functional link networks (AEFLN) are a type of linear-in-the-parameter nonlinear filters, which have shown enhanced modeling capability for nonlinear systems. However, the convergence speed of traditional AEFLN is generally slow for long impulse responses, hence, AEFLN trained using recursive least-squares becomes an attractive choice to achieve faster convergence. Moreover, huge computational burden of RLS makes it unsuitable in practical applications like echo cancellation. While low complexity versions of RLS are widely available in literature, they still suffer from low convergence speed. To address this issue, we propose a nonlinear acoustic echo cancellation (NAEC) system using AEFLN-RLS, based on the nearest Kronecker product (NKP) decomposition and low-rank approximation technique, which not only reduces computational complexity but also achieves improved convergence speed (especially tracking). To further improve the echo cancellation performance in non-stationary conditions, a variable regularization approach based NKP-AEFLN-RLS system is also proposed. To also reduce the computational complexity further, dichotomous coordinate descent (DCD) updates are incorporated into the proposed NKP-AEFLN-RLS NAEC system and its variable regularization version. Experimental results show the effectiveness of the proposed algorithms, with the variable regularized version of the algorithm using DCD iterations showing the best compromise between convergence capability and lower computational complexity.