Corrie, as the 53-year-old show is popularly known, will see Mistry's character - personal trainer Khalid "Kal" Nasir - joined by his relatives later this year.
He plays a widower with two children and made an entry in the Manchester-based ITV drama recently.
"Kal and his son and daughter live with his mum and dad, so we're going to bring them on to the Street. And that'll be the first Muslim family that Corrie's ever had. Bizarre isn't it?" said Corrie producer Stuart Blackburn.
"All aspects of their lifestyle, culture and religion has been researched," said a spokesperson for the soap, which is set in the fictional town of Weatherfield and shot at MediaCityUK in Salford, Greater Manchester.
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"Corrie has been a big favourite of mine over the years. It gave me a great opportunity and the great thing about doing something like this is that the writing is so fantastic," said Mistry, the star of well-known films like "East Is East" and "The Guru".
Born in the English county of Yorkshire to an Indian father and Irish mother, Mistry appeared in the 2010 series of "Strictly Come Dancing" and recently tied the knot with his professional dance partner from the show, Flavia Cacace.
"Coronation Street", which became the world's longest-running soap opera in 2010, is one of Britain's most-watched programmes with some 10 million viewers tuning in thrice a week.