The Belgian is expected to be unveiled as Thomas Tuchel’s replacement this week after agreeing to take over at the Allianz Arena.
It’s been widely reported that Kompany is set to agree a contract until 2027 after the two parties agreed a compensation package of €12m (£10.2m).
That would make Kompany the fourth most expensive boss in football history.
For the Clarets, however, they must now begin their search for his successor as they look to identify the man who will be tasked with guiding the club back to the Premier League at the first attempt.
Here are the current favourites, according to Skybet:
1. Scott Parker - 33/1
The former midfielder enjoyed success with Bournemouth and Fulham but he's been out of work since being sacked as the manager of Club Brugge last year. Photo: Gualter Fatia
2. Paul Heckingbottom - 33/1
The 46-year-old led Sheffield United to the Premier League alongside Burnley last season but was sacked after being thrashed 5-0 at Turf Moor in December. Photo: Matt McNulty
3. Gary Rowett - 33/1
The 50-year-old took interim charge of Birmingham City last season having previously managed the likes of Millwall and Stoke. Photo: Cameron Smith
4. Carlos Carvalhal - 28/1
The Portuguese coach was sacked by Olympiakos in February but has previously managed in this country with Sheffield Wednesday and Swansea. Photo: Octavio Passos