Insiders claim that the actress, who plays barmaid Becky MacDonald, will lead the all-singing, all-dancing spectacle, which will open in Manchester in December, before moving to the West End.
The News Of The World reports that ITV bosses have backed the multi-million pound production, Corrie: The Musical, which would bring to life the show's biggest storylines from the past five decades.
Earlier this month, the Weatherfield serial's executive producer Kieran Roberts announced that an unrelated stage play has been penned to celebrate the important year. Coronation Street: Abridged Live! will launch at Salford's Lowry Theatre in August before embarking on a UK tour.
A Coronation Street spokesperson confirmed to Digital Spy this morning that a musical production is still under consideration. They said: "A stage play has been announced but as yet, that is the only confirmed project. There is an idea on the table for a musical but no decisions have been made."
Sources claimed last August that composer Trisha Ward was working on a musical production to tie in with anniversary celebrations.