In another bowl, beat nutella and cream cheese together until well blended.
Now fold the whipped cream into the nutella mixture until combined well. You can use it then or refrigerate. It will thicken more after refrigeration.
Notes
I didn't add any sugar to the whipped cream and I thought this was plenty sweet. If you want it sweeter, add 2 Tbsp of powdered sugar to the cream when you whip it.