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Following are some interpretations any translation should consider:
(Source: The Four Foundations of Mindfulness by Sayadaw U Silananda)
The best translation may be "the way"
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According to my understanding "Ekayano Maggo" means "sure path" or in Sinhala "Ekanthayenma ya haki Margayak"
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The analysis quoted here says that, literally, it could be either; but that, looking at various places in which it's used in context, it makes more sense if it means 'direct'. The people on that site seemed to agree that that's the best analysis.
And, this article makes a similar argument to explain why 'direct' is a more fitting meaning than 'only'.