The actress, who played Cindy Beale in EastEnders, allegedly met with producer and close friend Phil Collinson in Manchester earlier this month to discuss a possible role.
A source told the Daily Star Sunday: "Michelle would be a great signing for Corrie. She's known Phil for a number of years so it was only a matter of time before he got her in for a meeting to discuss the possibility of joining the cast.
"The Street has a lot of strong female characters and she'd certainly mix it up a bit. Phil is a huge fan of her work and has been trying to get her up to Manchester for a meeting for months. He had to get the 50th anniversary out of the way before he looked at bringing her in.
"But now he's started the ball rolling he’s very excited. Cindy was one of the best soap characters that ever appeared in Albert Square but enough time has now passed for her to turn up in Corrie as someone completely different."
Collins is quoted as saying last year: "I wouldn't turn my back on doing a soap again. I'd like a stint in Coronation Street."