Mr Whalley, who was described as "prolific" and "brilliant" by the show's producer, wrote 600 episodes, more than any other writer in the programme's history.
He began writing whilst working as a teacher at Carleton Community High School in Pontefract.
And he left his post to join the long-running soap as a scriptwriter in the late 1970s.
Coronation Street confirmed his death on Thursday.
Paying tribute, executive produce Kieran Roberts said: "Peter was not just a prolific and brilliant writer, he was also an invaluable source of great ideas and equally great wisdom in our story conferences.
"Everyone who knew Peter will also remember the lovely man behind the great writing talent."
Mr Whalley was given a Lifetime Achievement award at the 2009 British Soap Awards, before retiring in 2013.
Eastenders writer Daran Little, who also wrote scripts for Coronation Street, joined fans and friends in paying tribute to Mr Whalley on Twitter.
He said: "Devastated by the death of a great friend Peter Whalley who wrote more Coronation Street episodes than anyone else. He was a story genius."