The actor will begin filming with the ITV show in September, taking on the role of Gary Windass's old friend Khalid.
Khalid - or Kal for short - is an ex-squaddie turned personal trainer, who has been tipped to set "tongues wagging and pulses racing" on the cobbles.
While show bosses aren't giving away any storyline details, Kal has been billed as a charming, roguish character. He also has a wandering eye and might upset some of the street's male residents.
Coronation Street's producer Stuart Blackburn commented: "I'm thrilled to welcome Jimi to Coronation Street. With credits that include East Is East, The Guru and Blood Diamond, getting him on board is a real coup.
"Jimi's character is going to have a swift impact on the lives of many in Weatherfield."
Mistry, who also previously played Dr Fonseca in EastEnders, will appear on screen from November.
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