After months of recovery from elbow surgery and a drop in his level of play that sent him tumbling down the rankings, Djokovic, 31, has recovered in the second half of the year to win titles at Wimbledon, the US Open and the Cincinnati Masters.
Djokovic will be up a place to second in the world - overtaking 20-time Grand Slam champion Federer - when the rankings are released on Monday.
The 21-year-old, now ranked 19th, will enter the top 15 of the ATP rankings for the first time after he competes against Novak Djokovic in Sunday's final.
He said: "I faced one [break point] and it was a set point". With this stunning win, Djokovic has rattled off 38 victories in his last 42 matches and secures himself the world number two position on next Monday as he edges closer than ever to the top spot, now held by Rafael Nadal. "But I will play tennis next year, yes", he said.
In other matches, fourth seeded German young star Alexander Zverev beat Alex De Minaur of Australia 6-1, 6-4 to join the last eight, but his compatriot Alex De Minaur crashed out to Matthew Ebden 6-2, 6-3.More news: Storm Callum: More rain set to bring further disruption
It will be Coric's first final at a Masters 1000 tournament.
Coric finished off Federer in style with the final two points an ace and a sizzling forehand crosscourt victor. It was part of the tactics, but obviously Alexander can play much better than he played tonight.
"I thought I was very solid and always made him play an extra shot from the back of the court and I tried to be as convenient, accurate, and efficient on my service games as possible", Djokovic told Sky Sports, after recording his 17th ATP match-win in a row.
Rafael Nadal, Novak Djokovic, Roger Federer and Juan Martin del Potro had already secured their spots, but Edmund's hopes of joining them and Zverev suffered a setback with this defeat.
'There is a lot going on you don't get to see on the inside but most of the time I learn to control the emotions'.