The 46-year-old, who plays Kevin Webster in the soap, was arrested at his home in Hale, Greater Manchester, on 30 September, police said.
Mr Le Vell was released on bail until 16 November, pending further inquiries.
The actor said he "strenuously" denied the allegation, which was made to police on 29 September.
Married father-of-two Mr Le Vell said he would "do everything in my power to prove my innocence".
Police said his arrest followed a report of a historical offence made to them.
Mr Le Vell joined the soap in 1983 as Brian Tilsley's apprentice mechanic and became a favourite with fans who have followed his stormy marriage to Sally, played by Sally Dynevor.
His street character is the father of two teenage girls and a love child from his affair with Molly Dobbs.
The actor had a major role in December's live 50th anniversary episode, featuring a fatal tram crash in Weatherfield.