It is the first time the legendary singer/songwriter has allowed one of his songs to be used in an ad and only the second time a full ad break has been taken by an advertiser during Coronation Street.
McCain had the first-ever full-length ad break spot during Coronation Street, with a three-minute ad to mark the 25th birthday of the oven chip.
The Co-op ad is the culmination of a two-year rebranding process, in which the retailer has worked to refit its 4,300 outlets across the UK.
The Co-op spot highlights the brand's involvement in areas such as charity and environmental issues.
It begins with a boy blowing the seeds from a dandelion clock, which then journey across the world through areas depicting different ways of life. It finishes with the tagline: "Good for everyone."
To view the ad, visit www.brandrepublic/campaign/dylan.