The 25-year-old was suspended from the show last week. But now an ITV spokesman has confirmed that his contract has been terminated.
Chris had offered apologies for any offence he had caused. In an statement he said, "I am deeply ashamed by the lyrics and very much regret my behaviour.
"The videos were made over a year ago when I was experimenting with music, and I have not done anything like it since, nor will I."
His involvement in the videos was revealed last Friday. The clips, which are no longer available to view, featured Chris wearing a Halloween mask and delivering expletive-laden lyrics filled with themes of violence and rape in the guise of his alter-ego 'The Phantom'.
ITV have confirmed that his contract has been terminated "as a result of the unacceptable comments he made in a number of online clips."
Previously seen as Justin Burton in Hollyoaks, Bradford-born Chris joined Coronation Street in 2011, playing the role of mechanic Tommy Duckworth.
Show bosses have decided not to edit Chris out of the episodes he has already filmed, so his character will appear on TV this week.