Steven, who has spent 15 years on the cobbles as butcher Ashley Peacock, and Julia, who has played his wife Claire for seven years, will leave the show around the end of the year, it has been revealed.
The soap stars agreed to leave at the end of their current contracts after meeting with producer Phil Collinson to discuss the future of their characters.
The Peacock family have been promised a dramatic exit from Corrie and the storyline team are now working on a fitting exit plot to play out on-screen over the next eight months.
Corrie producer Phil said: "Ashley and Claire Peacock have been part of the fabric of Weatherfield for many years but like any community people come and go.
"Both the actors and myself felt that we had reached a crossroads with the characters, to the point that as actors they were not being fulfilled and stories were harder to find.
"We mutually decided to start working towards an exit for the Peacock family, giving the actors the chance to explore new opportunities and for us to devise a dramatic exit storyline. I wish Steven and Julia, and of course the young boys - Ben who plays Josh and Lewis and Niall who play Freddie - all the best for the future."
An ITV spokesperson confirmed: "Julia and Steven are to leave the show but contrary to some press reports, there has been no confrontation with the show producer, Phil Collinson. All parties agreed this was the right time to say goodbye to the Street's Peacock family."