Fizeau Fourier transform imaging spectroscopy yields both spatial and spectral information about an object. Spectral information, however, is not obtained for a finite area of low spatial frequencies. A nonlinear reconstruction algorithm based on a gray-world approximation is presented. Reconstruction results from simulated data agree well with ideal Michelson interferometer-based spectral imagery. This result implies that segmented-aperture telescopes and multiple telescope arrays designed for conventional imaging can be used to gather useful spectral data through Fizeau FTIS without the need for additional hardware.