Following meetings between the 54-year-old actor and show executives today, it was announced that Jones - who has played the role of layabout Les Battersby for 10 years - will not be seen on the Cobbles again and a decision is yet to be made about how the character is to be written out.
Initial plans suggest that his 'departure' from the ITV soap could be linked to the exit of his on-screen wife, Cilla, when actress Wendi Peters leaves in September.
Producer Steve Frost said: "Bruce's portrayal of Les Battersby meant that Les quickly became a classic Coronation Street character who will be remembered for many years to come.
"However, after 10 great years, we feel we have reached the end of the road with storylines for Les. We wish Bruce all the best for the future.”
Of the decision, Jones said: “I have had a fantastic time at Coronation Street but the time has come to move on and try my hand at other things.
"I have already had some very exciting offers and am looking forward to what the future holds."
Jones was originally suspended for six weeks amid allegations by a Sunday newspaper that he made inappropriate comments in a public place. His ban was then extended by a further four weeks in order for show bosses to continue their investigations.