We consider a magnetic impurity which interacts by hybridization with a system of strongly correlated conduction electrons. The latter are described by a Hubbard Hamiltonian. By means of a canconical transformation the charge degrees of freedom of the magnetic impurity are eliminated. The resulting effective Hamiltonian H eff is investigated and various limiting cases are considered. If the Hubbard interaction U between the conduction electrons is neglected H eff reduces to a form obtained by the Schrieffer-Wolff transformation, which is essentially the Kondo Hamiltonian. If U is large and the correlations are strong H eff is changed. One modification concerns the coefficient of the dominant exchange coupling of the magnetic impurity with the nearest lattice site. When the system is hole doped, there is also an antiferromagnetic coupling to the nearest neighbors of that site involving additionally a hole. Furthermore, it is found that the magnetic impurity attracts a hole.In the case of electron doping, double occupancies are repelled by the impurity. In contrast to the hole-doped case, we find no magnetic coupling which additionally involves a doubly occupied site. 71.27.+a, 75.30.Hx, 71.70.Gm