The married father-of-two - real name Michael Turner - was released on bail and is vehemently denying the allegations.
He says in a statement, "I strenuously deny these allegations and will do everything in my power to prove my innocence."
A police spokesperson says, "A 46-year-old man from Hale has been arrested on suspicion of a historic sexual offence. He has been bailed by police until 16 November 2011, pending further inquiries. The report was made to police on Thursday 29 September 2011."
A spokeswoman for ITV, the network behind Coronation Street, adds, "We are aware these allegations have been made. Given that a police investigation is underway, it would not be appropriate to comment further on this matter."