Cotton, who plays gay barman Sean Tully, has reportedly agreed a £120,000-a-year deal that will also allow him to develop his own projects at ITV.
"I look forward to some exciting new storylines in the Street and developing future programme ideas with ITV," Cotton told The Sun.
An ITV source added that Cotton may host his own gameshow.
"He's done well with his talkshow. Now we want him to try his hand at something different. A new gameshow is a big possibility."
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