The 31-year-old actress - who plays Kate Connor - is leaving the cobbles to "explore new opportunities".
She tweeted: "Thanks to everyone for your amazing support, but after 4 fabulous years in Weatherfield it's time for me to explore new opportunities, I've loved playing Kate Connor, but she needs a break for a little while and so with a song in my heart I'm off to pastures new. #corrie."
Faye - who is engaged to Gareth Gates - will be on the screen until the early autumn and show bosses say the door will be "left open" if she wants to return in the future.
"Faye is a very talented actress who has put her all into the portrayal of Kate Connor for the past three and a half years, we wish her every success for the future," an ITV spokesman told The Sun Online.
"She will be on screen until early Autumn and the door will be left open."
Faye's exit comes after she was involved in an emotional storyline as Kate's wife-to-be Rana Habeeb died in her arms after the factory roof collapsed.
"Rana's death was the hardest thing I've ever had to film and emotionally I ran myself into the ground with it," she said at the time.
Faye is the latest in a long line of actors to leave the ITV soap.
Earlier this year Kym Marsh quit her role as Michelle Connor, telling The Sun: "When I was lucky enough to be offered four episodes I could never in my wildest dreams have thought I’d be here 13 years later.