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:
13. Frank Lampard - 3/1
The Chelsea legend is looking to take his next step in his management career having previously managed Derby County and Everton, as well as his former club. Photo: Warren Little
14. FAVOURITE: Steve Cooper - 2/1
The outstanding candidate, Cooper won plaudits for the manner in which he won promotion from the Championship with Nottingham Forest before keeping them in the Premier League. Photo: OLI SCARFF