The actress, who plays Weatherfield's Fiz Stape, is teaming up with long-term boyfriend Chris Farr to launch the venture in Manchester city centre.
McAlpine and Farr have chosen a site on Old Bank Street near St Ann's Square and are planning to call the venue Annie's.
Speaking to the Manchester Evening News, McAlpine explained: "Ever since we've met, we've talked about the idea of opening our own restaurant non-stop, to do something as a little team together.
"People often ask us if we are going to get married, but I actually think this is more of a commitment to do something like this together."
As McAlpine has no plans to leave Coronation Street, Farr will oversee the day-to-day running of the business. He was previously in charge of another restaurant in Eccles.
McAlpine added: "Chris will be the hands-on person, but I will be there as much as I can - but obviously it won't interfere with my Corrie commitments."
The couple are planning to launch the venue in the autumn.