According to the News Of The World, the 49-year-old - who plays kitchen fitter Joe McIntyre - allegedly turned down a pay increase of a third to his existing £100,000-a-year deal.
His character's exit in the Weatherfield serial is expected to tie in with the climax of his ongoing drug addiction storyline which sees him die after an overdose of prescription painkillers.
A Corrie source told the Sunday tabloid: "Reece has been a massive hit and top brass thought they could strike a long-term deal. He was offered a massive pay rise but he turned it down. Executives were surprised. They wanted him to [stay] but he's wriggled off the hook."
A spokesperson for the soap added: "We wish Reece all the best."
Joe first arrived in Weatherfield at the end of May last year to see his daughter Tina (Michelle Keegan).
He soon became romantically involved with Gail Platt (Helen Worth), much to the annoyance of their respective children. However, their relationship was soon exposed when Tina and David (Jack P. Shepherd) walked in on the pair canoodling on the settee.
More recently, he was forced to strike a deal with Len Windass (Conor Ryan) in a bid to save his ailing business.
A slipped disc in his back, however, resulted in him being unable to work properly and has consequently triggered his addiction to prescription drugs.
At the beginning of last year, Rob James-Collier also quit his role as Liam Connor over typecast concerns.
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