We propose a dynamical mean field approach for calculating the electronic structure of strongly correlated materials from first principles. The scheme combines the GW method with dynamical mean field theory, which enables one to treat strong interaction effects. It avoids the conceptual problems inherent to conventional "LDA+DMFT", such as Hubbard interaction parameters and double counting terms. We apply a simplified version of the approach to the electronic structure of nickel and find encouraging results.For systems with moderate Coulomb correlations the GW method (and its refinements) [1,2,3] is the tool of choice for the determination of excited states properties from first principles. It is a Green's function-based method, in which the effective screened interaction is treated at the RPA level, and used to construct an approximation to the electronic self-energy. This approach cures many of the artifacts encountered when the KohnSham orbitals are interpreted as physical excited states, while they are actually auxiliary quantities within Density Functional Theory (DFT).Although the GW approximation (GWA) has provided successful treatments of weakly to moderately correlated systems such as sp metals and semiconductors, applications to more strongly correlated systems with localized orbitals indicate a need to go beyond the GWA. For example, in ferromagnetic nickel, it was found [4] that the GWA is successful at predicting the quasiparticle bandnarrowing, but does not improve the (too large) exchange splitting found in DFT calculations in the local density approximation (LDA). The GWA also fails to reproduce the 6eV satellite observed in photoemission [21].Recently, a new approach to electronic structure calculations of strongly correlated materials involving d− or f − orbitals, has been developed. This approach, dubbed "LDA+DMFT", combines the dynamical mean-field theory (DMFT) [5] of correlated electron models with DFT-LDA calculations [6]. It is also a Green's function technique, but -unlike GWA -it does not treat the Coulomb interaction from first principles. Instead, an effective Hamiltonian involving Hubbard-like interaction parameters in the restricted subset of correlated orbitals is used as a starting point. It is thus necessary to introduce a "double-counting" correction term. The strength of DMFT however is that the onsite electronic interactions are treated to all orders, by using a mapping onto a selfconsistent quantum impurity problem. DMFT has led to remarkable advances on electronic structure calculations of materials in which the Mott phenomenon or the formation of local moments play a key role. This is the case, e.g. for the satellite structure in Ni, which has recently been shown to be correctly described by LDA+DMFT [7].The aim of this letter is to take a new step towards a first-principles electronic structure calculation method for strongly correlated materials. We propose a scheme in which the GW treatment of the screened Coulomb interaction and exchange self-energy is combined with a D...