According to The Sun, composer Trisha Ward is working alongside the Manchester soap's team to create the stage production to tie in with the landmark milestone in December next year.
A comment on Ward's website says: "She is currently writing her new stage musical based upon an iconic British entertainment property."
A Corrie source told the tabloid: "With this special anniversary coming up, we have all been thinking how best to celebrate. A musical could be just the ticket."
Confirming that the idea is being considered, a spokesman for the show said: "We are talking about doing a musical as part of 50th celebrations, but it's just one of many ideas."
In May, breadmaker Warburtons was unveiled as the show's first 'Best of British' brand partner.
Other ideas currently include a Weatherfield Nintendo DS game and an official beer, as well as tea sets and lingerie.