There is provided a method for depositing a modified MCrAlY coating on a surface of a gas turbine engine component. The method includes cold gas dynamic spraying techniques to provide a metallurgical bond between a substrate, such as a superalloy substrate, and the modified MCrAlY composition. The method further includes post deposition heat treatments including hot isostatic pressing. The modified MCrAlY composition includes one or more elements of Pt, Hf, Si, Zr, Ta, Re, Ru, Nb, B, and C, which improves the corrosion and environmental resistance of the coated component.