The 27-year-old, who has played Connor cousin Tom Kerrigan since February 2008, shot his final scenes with the Manchester-based show last week, before attending his leaving party on Friday.
It is understood that producers decided to write Tom out of the serial drama as the character had 'come to the end of his line' and 'run his course'.
McGinley hinted that he may return to theatre, writing on his Twitter page in the early hours of this morning: "Trying to learn a bit of Shakespeare, it's a bit different to the stuff I've been saying in Weatherfield. Brain creaking slightly."
His exit storyline wraps up the plot surrounding Lad Rags, in which Tom owns a 25% share. The company will apparently be sold off to Tony (Gray O'Brien), leaving Tom with nothing to stay in Weatherfield for.
Since his first appearance, ladies' man Tom has flirted with Carla (Alison King) and Maria (Samia Smith), served as a catalyst for Marcus Dent's (Charlie Condou) departure, walked Ozzy the dog several times and witnessed his cousin Liam's (Rob James-Collier) death, which he blamed himself for.