The broadcaster has reached the conclusion of protracted negotiations with MediaCity developer Peel Media to relocate its Manchester base to Salford in 2012.
A dedicated site has been earmarked for ITV across several floors of MediaCity's Orange Building, providing modern accommodation for production arm ITV Studios. All ITV's regional news teams will eventually broadcast from a dedicated studio in the building.
Coronation Street will move from its longtime base at Quay Street Studios in central Manchester to MediaCityUK, subject to planning consent from Trafford Council.
A dedicated complex will be established for the soap alongside the Manchester Ship Canal on a 7.7 acre site at Trafford Wharf, adjacent to the Imperial War Museum North and accessed by a new bridge from the main MediaCityUK complex.
The complex will include new production facilities and an external film set built to a "greater scale than before to equip the soap for the demands of future broadcasting developments, whilst also replicating the original appearance of Weatherfield".
The production centre will also include two sound stage buildings, specialist production facilities and offices, dressing rooms and meeting space for production staff and cast.
"It's terrific news for ITV and all of our people based in Manchester that we have agreed this deal with Peel Media. This continues our long and successful relationship with the region which has played such a key part in ITV's heritage as a programme maker," said ITV chief executive Adam Crozier.
"ITV is already one of the UK's biggest investors in original content and as we progress our Transformation Plan, which is focused on growing our national and international production and broadcasting business, it is vital that we have a modern, fit-for-purpose, creative hub outside of London.
"Coronation Street is an incredible brand and as we celebrate its 50th anniversary, it's fantastic news that we are able to invest in the construction of a modern production centre to ensure that the nation's best-loved soap remains at the top of its game for another half a century."
John Whittaker, the Peel Group chairman, added: "ITV is an outstanding international brand producing a fantastic range of popular programmes and I am delighted it has taken a strategic decision to move to MediaCityUK. This is a landmark deal for both MediaCityUK and The Peel Group, and is critical in helping to deliver the long-term vision that we share with all our partners."
Following today's announcement, ITV will work on a strategic disposal of its Quay Street base towards the aim of vacating the site by early 2013.