Driver passed away peacefully in hospital on Saturday following a period of ill health. She was 91.
Coronation Street bosses are now considering how the departure of the actress's legendary character will be addressed on screen following her 42-year stint on the cobbles.
Speaking on This Morning today, Collinson said that it was too early to reveal exact details of what is being planned.
He explained: "I've only just got together this morning with some of the script department, and then we'll talk to the writers next week. But we'll do something brilliant and magnificent. We'll give her a brilliant send-off. She deserves it."
Collinson also hailed Driver as "a wonderful, joyful, brilliant lady" who had lived "a long and happy life".
Helen Worth, who plays Gail McIntyre on the show, added that she is looking forward to seeing an on-screen celebration of Betty when the scenes in question air towards the New Year.
Worth commented: "It just means all of the viewers can join in with that. Because it's not just us that's lost Betty, you know, it's all the viewers. It's all those people who have turned on over 40 years who are going to miss her. I think they can join in [with] her send-off."
ITV1 will screen a repeat of documentary The Betty Driver Story at 8pm tonight in the actress's memory.
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Browse through a gallery of Betty Driver's life in pictures below: