In this paper, we introduce a new adaptive controller design scheme for nonlinear telerobotic systems with varying time delays where the delays and their variation rates are unknown. The designed controller has the ability to synchronize the state behaviors of the local and the remote robots. In this paper, asymptotic stability in the presence of varying time delays is of interest. Using the proposed controller, asymptotic stability of the bilateral telerobotic system subject to any bounded yet unknown varying delay with a bounded yet unknown rate of change can be guaranteed. Besides the varying time delay, the proposed adaptive controller has the ability to adapt to the parameter variations in the local and the remote robots' dynamics. It is shown that position and velocity errors between the local and the remote manipulators converge to the zero asymptotically, thus ensuring teleoperation transparency. Experimental and simulation results with a pair of PHANToM haptic devices and a pair of planar manipulators under varying time delays in the communication channel demonstrate the effectiveness of the proposed scheme.