The actor, who played love rat Conrad Gates in the ITV1 drama, will be seen in his new part for the first time this Christmas.
Adam Rickitt previously appeared as Nick on and off from 1997 to 2004. Weatherfield producers announced their decision to recast the character in July this year.
Nick has been tipped to immediately cause fireworks on the Street as he has a dangerous liaison with his half-brother David's (Jack P. Shepherd) ex-girlfriend Tina McIntyre (Michelle Keegan) following his arrival. Neither party is aware of the other's identity until they meet again on Christmas Day.
Meanwhile, the returnee must also face his history with ex-wife Leanne Battersby (Jane Danson), as well as his seeing his other old partner Maria Connor (Samia Smith) again when she returns from Ireland in the New Year.
Speaking of his new role, Price commented: "I am absolutely delighted to get this part. I have been seen a couple of times for Coronation Street characters in the past few years, but I am pleased now that I didn't get those roles. I am really looking forward to stamping my own mark on the character of Nick."
As well as Footballers' Wives, Price is known for playing the role of Nathan Spencer in BBC medical drama Casualty.
The actor will begin filming for the soap on Monday and be seen on screen for the first time on December 21.