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:
5. Ashley Cole - 28/1
The former Chelsea and England left-back is currently on the coaching staff at Birmingham City, while he's also assisted Lee Carsley with England's Under-21s. Photo: Ashley Allen
6. John Terry - 28/1
The former England defender is still waiting for his first role as the number one having coached with Aston Villa, Chelsea and Leicester. Photo: Tom Dulat
7. Graham Potter - 20/1
Remains out of work after leaving Chelsea last year and has recently turned down the chance to manage Ajax. Photo: JUSTIN TALLIS
8. Kjetil Knutsen - 16/1
Regularly features in the betting for jobs at the top end of the Championship having performed impressively for Norwegian side Bodø/Glimt. Photo: Richard Heathcote