In a statement released today, ITV bosses said they had mutually agreed with the actor that he needs to get help for his "personal issues".
This comes after Michael admitted in an interview with the Sunday Mirror that he snorted cocaine in the lead up to his recent child abuse trial, in which he was cleared of 12 charges.
Michael - who plays Kevin Webster - has since insisted that he no longer takes the Class A drug and was at his "lowest ebb" when he did it.
The statement reads: "Coronation Street and Michael Le Vell have mutually agreed that he will take a break from the programme whilst he seeks professional help for personal issues."
Michael, 49, met with ITV yesterday to discuss his future on the show. He has played Kevin Webster since 1983.