We use the correlated-random-field approximation and a conditional coherent-potential approximation to study the ground-state phase diagram of the one-band Hubbard model. Our approach incorporates both spin and electron correlations. It has been found that for certain values of the parameters of the model, in addition to paramagnetic, ferromagnetic, antiferromagnetic, and spin-glass or spin-liquid phases found in our earlier studies, a phase-separated phase is found to be favored for 0.7[le][ital n][le]1.0 and [ital U]/[ital B][ge]2 in good agreement with results obtained in the [ital t]-[ital J] model using the technique of the 1/[ital N] expansion. The present approach also allows one to watch the dependence of the electron density of states on the number of electrons per site and gives a single physical picture for the occurrence of a metal-insulator transition. Implications of these results for the existence of superconducting ground state as well as comparison to other studies will be briefly discussed.