According to The Sun, the 70-year-old actor has signed up to appear as George Richards, the father of Peter Barlow's late wife Lucy, on the ITV1 soap.
It is believed that George quickly alienates Peter's dad Ken (William Roache) after making his Weatherfield debut, but receives a warmer welcome from busybody Blanche (Maggie Jones).
Blanche reportedly tells her daughter Deirdre: "Now that's what I call a man. Good looking, good company and loaded to boot. I think I'm in love."
The Street battleaxe later attempts to impress George by discussing her history as a yo-yoing champion, claiming that she was an expert in competitions.
As well as his role as Arthur Raffles in the '70s TV drama, Valentine is best known for appearances in Colditz and Callan.