The star, who has played Kevin Webster in the soap since 1983, was arrested in September after police received a report of a historical offence. He has always denied the claims.
Le Vell, 47, was last night (December 31) told by police that he will face no charges following the three-month investigation. Prosecutors did not find enough evidence to move ahead with the case.
A police spokesman said: "No further action will be taken against a 47-year-old man arrested on suspicion of a historic rape. A file was prepared for the CPS (Crown Prosecution Service) who decided there was insufficient evidence to charge."
The actor split from his wife of 25 years Janette Beverley months before the allegations surfaced.
Coronation Street actress Brooke Vincent, who plays Sophie Webster, recently said that the cast were "100% behind" Le Vell following the claims. Get the Inside Soap magazine on your iPhone or iPad