The Peter Barlow and Carla Connor stars' last scenes prior to their break will air in July, the Corrie website has said.
The stars, who have both been at the centre of the show's plots over the last three years, are leaving to spend more time with their respective families.
Their summer exit will coincide with the verdict of Peter's custody battle with ex-wife Leanne over his son Simon.
Peter and Carla will escape the country, but viewers are left to wonder whether they will flee with young Simon.
Bosses assure fans that the Weatherfield couple will return to the cobbles with an "explosive storyline".
Gascoyne, 44, has played Peter Barlow since 2000, leaving the soap in 2007 before returning a year later.
Meanwhile, King has been on the Street since 2006, taking a break only in 2009 due to her pregnancy with her first and only daughter.
Watch a recent clip of Peter and Leanne in court in the video below: