The 87-year-old, best known for portraying Howard Sibshaw on the BBC One sitcom, has signed up for a short storyline involving regular character Dennis Tanner (Philip Lowrie).
When Dennis decides to start working as a lollipop man, Fyfe's character will train him up before he bows out from the job himself.
A Coronation Street source told the Daily Record: "It's always a boost to get famous faces in. Robert fits the bill perfectly as a lollipop man handing over the reins.
"Dennis is aged 70 and no doubt the writers will have a laugh as they set about him settling into his new job."
Fyfe has already been spotted filming the role in on-location scenes in recent days.
Coronation Street continues tonight (October 15) at 7.30pm on ITV1.