Coronation Street producer Stuart Blackburn said, "When an actor decides to leave a programme like Corrie, it means the writing team can creatively scale new heights.
"We promise the tour de force that is Stella Price will leave with a bang. We wish Michelle every happiness as she moves on to pastures new."
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The news comes amid speculation that Liz McDonald — played by Beverly Callard — will return as the pub landlady when she arrives back later the year.
Michelle, 51, has been at the centre of a number of high-profile story lines during her time on the show.
Following the shock revelation that she was the biological mother of Leanne Tisley — played by Jane Danson — Stella went on to have a relationship with Jason Grimshaw — Ryan Thomas — before being trapped in a fire at the Rovers.
More recently, Stella has been suffering from money problems after refurbishing the pub and sold half of her stake to her mother Gloria — Sue Johnston.
She first appeared on screen in June 2011, alongside her daughter Eva — Catherine Tyldesley — and husband Karl Munro, played by John Michie.
Now, with her time in Weatherfield drawing to a close, Michelle has said she will miss playing the feisty landlady.
"Stella Price has been a revelation to play," she said. "So much has happened to the character since we discovered she was Leanne's real mum.
"From catching Karl with barmaid Sunita to her near-death experience in the Rovers fire, I've loved playing Stella and will be very sorry to leave her behind."
Michelle, who has a 16-year-old daughter Maia, became a household name playing Cindy Beale in rival soap EastEnders from 1988 to 1998.