The deal will keep the actress, who plays Sophie Webster, in the ITV1 soap for another year, the Daily Star Sunday reports.
> Coronation Street's Brooke Vincent: 'I miss Sacha Parkinson'
Vincent was said to be considering taking a break to spend time in London with her Chelsea footballer boyfriend Josh McEachran, but Corrie boss Phil Collinson offered her some major storylines and a pay rise.
He was apparently "determined" to keep her following the departure of on-screen sister Rosie Webster (Helen Flanagan) and Sophie's ex-girlfriend Sian Powers (Sacha Parkinson).
"Everyone loves Sophie, and Phil did all he could to make her stay. They've got some huge storylines planned, including a new love interest, and there's lots more coming up for the Webster family," a source said.
"Brooke is one of the hottest young soap actresses out there and Phil knows that keeping such talent on the show is key to its success in the future. That's why he offered her such a big contract.
"She's only just on six figures but that brings her in line with the rest of the longer-serving cast members. Brooke is delighted and has been telling everyone how happy she is to be staying.
"There had been talks of her moving to London and taking some time out but she loves Corrie and decided she'd sign for another year."
The new contract will see Vincent enter her eighth year on Coronation Street after joining aged 12.
Kym Marsh apparently secured a new three-year, £500,000 deal last week for her role as Michelle Connor. Get the Inside Soap magazine on your iPhone or iPad