Blackburn, who has been working as Emmerdale's series producer since early 2011, will take up the position in January.
[Left: Stuart Blackburn / Right: Phil Collinson]
Collinson, meanwhile, will remain at ITV in a new role working with Kieran Roberts to develop new drama from ITV's base in Manchester.
Speaking of his new post, Blackburn commented: "I'm in the very privileged position of producing Emmerdale's hour-long live episode to celebrate the programme's 40th birthday, and I get to produce Coronation Street too. Life just couldn't get any better.
"Emmerdale is a very special programme to me, as I was born and brought up in West Yorkshire. I'm in total admiration of the cast and production team as they are all incredibly talented people. They do an amazing job and I'll be sad to leave them.
"Coronation Street also has a place in my heart, as I believe passionately in storytelling, and although I recognise it's a massive responsibility, I have the best job in the world."
Phil Collinson added: "It's been an honour to produce Coronation Street and I'll be sad to leave. But the drama can only stay at the top of its game if the producer is re-energised every two to three years.
"By the time I say farewell I'll have been with the programme for nearly three years and produced almost 750 episodes. It's an achievement I'm hugely proud of, but I know I couldn't have done it without the amazing production team, writers, cast and crew who work tirelessly to produce the best drama on television. I thank them all from the bottom of my heart.
"I wish Stuart every success, and look forward now to taking up my new role developing drama and producing brand new drama from our base in Manchester."
John Whiston, ITV Studios' creative director for soaps, paid tribute to both Collinson and Blackburn.
Whiston explained: "Phil Collinson leaves Coronation Street after nearly three memorable years. As the master of big events, Phil pulled off Coronation Street's 50th anniversary in amazing style and to universal acclaim - universal that is unless you were a character that died in the mangled wreckage of the tram!
"But he has also proved himself as a great peace time producer, filling the show with character, intrigue and traditional Coronation Street wit - so much so that Coronation Street won a string of prestigious awards to mark one of the most successful periods in the programme's history.
"It's a legacy to be proud of. We're pleased that he's staying with ITV to develop and produce new engaging drama out of Manchester."
He continued: "Stuart has overseen an Emmerdale that is modern, exciting, purposeful and dramatic - and in great shape as it approaches its 40th birthday. Stuart combines a real delight in and respect for the world of soap with a deep understanding of the nitty gritty of storytelling.
"These qualities make him an ideal choice to take on the equally demanding but very slightly different challenges of Coronation Street."
ITV will now begin the process to find a new producer for Emmerdale to take the rural soap beyond its 40th anniversary. Get the Inside Soap magazine on your iPhone or iPad