According to People, the ex-gigolo, portrayed by Nigel Havers, will die in a road accident later this summer.
The character has proved popular among viewers since his return in September 2011 and Havers was expected to sign a new deal to stay on the soap.
However, a source close to the actor reportedly said that producers "thought it would be tricky to keep his storyline going", so it was eventually decided to "kill off Lewis in a memorable fashion".
The insider went on to claim that soap bosses believe his exit "will become one of the most talked-about soap scenes of the year".
The news frees Havers up to perform in a pantomime alongside Lee Mead at Southampton's Mayflower Theatre this winter, a role that will allegedly earn him more cash than his two stints on Coronation Street put together.
Havers originally found fame in sports drama Chariots of Fire, which will be re-released in cinemas on July 13 to coincide with the London 2012 Olympics.
Digital Spy