Aspects of a method and system for channel estimation in a SM MIMO communication system may comprise receiving a plurality of spatially multiplexed communication signals from a plurality of transmit antennas. A plurality of baseband combined channel estimates based on phase rotation may be generated in response to the received plurality of spatially multiplexed communication signals. An estimate of the channel matrix may be determined based on the baseband combined channel estimates. A plurality of amplitude and phase correction signals may be generated in response to receiving the estimate of the channel matrix. An amplitude and a phase of at least a portion of the received plurality of spatially multiplexed communication signals may be adjusted based on the generated plurality of amplitude and phase correction signals, respectively.