An approximation scheme is proposed for implementing the algorithm to obtain the exact self-energy in the many-body problem [Phys. Rev.B52, 12708 (1995)]. This scheme relates the self-energy revision operator ℱ, the key quantity in the algorithm, with fxc(q,ω) the frequency-dependent exchange-correlation kernel appearing in the time-dependent density functional theory. We illustrate this scheme by applying it to the calculation of dynamic properties of the electron gas at metallic densities.