The 38-year-old has signed a three-year contract at the Allianz Arena after moving on from Turf Moor after two seasons.
His assistant Craig Bellamy has been placed in temporary charge while the club identifies a permanent replacement, with Mike Jackson his number two.
But who will get the job on a full-time basis?
Here are the current favourites, according to Skybet:
(Odds were correct at the time of writing)
But who will get the job on a full-time basis?
![Installed as the early favourite but has since drifted down the betting after it emerged he has ruled himself out of the running, with a potential Premier League return on the cards.](https://www.burnleyexpress.net/webimg/b25lY21zOjY5MGJkYmFkLTg2NmEtNGM4OC1hMDBlLWUxZjNmOGEzZWI5Mjo1ZGViYWU1Yi1kMWJkLTQ0YmEtODkyMy03NTk3ZTAxMTczZmU=.jpg?crop=3:2&trim=&width=640)
17. Steve Cooper - 14/1
Installed as the early favourite but has since drifted down the betting after it emerged he has ruled himself out of the running, with a potential Premier League return on the cards.Photo: OLI SCARFF
![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. Said to be on the club’s shortlist.](https://www.burnleyexpress.net/webimg/b25lY21zOjhhNGM3OTA3LTNhOWYtNGQ5Yi05YmIzLWViMTJiYzg5MzdmYjo1ZmI4ZDQyOC05OTc1LTQ1YWEtOTAxNC0yMmY0Mjc4ZGI4ZTI=.jpg?crop=3:2&trim=&width=640)
18. Scott Parker - 10/1
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. Said to be on the club’s shortlist.Photo: Gualter Fatia
![The former Manchester United striker has been out of work since leaving PSV Eindhoven in May 2023. Resigned from the role, citing a lack of support. Also in the running for the Leicester job.](https://www.burnleyexpress.net/webimg/b25lY21zOmRiNTcwN2ViLTg3NDctNGRjOS1hMmNjLTU5YTExYWYzNTJkZjozYjRiZmVmMi05NTNlLTQxZTgtODBlZC1kYzhmMjM3Y2E3MTc=.jpg?crop=3:2&trim=&width=640)
19. Ruud van Nistelrooy - 8/1
The former Manchester United striker has been out of work since leaving PSV Eindhoven in May 2023. Resigned from the role, citing a lack of support. Also in the running for the Leicester job.Photo: Fran Santiago
![Hasn’t made the move to Munich with Kompany and has since been placed in temporary charge. Understood to be interested in the number one role.](https://www.burnleyexpress.net/webimg/b25lY21zOjQwZjhhZjc5LWI4YmMtNDA5Mi05YTk3LTY0YmQ5NmM2NzE0Mzo1Y2VkZjk1MC0zY2UwLTQ4MGQtYmI0NS1iOWQ2NWIyODg3MDg=.jpg?crop=3:2&trim=&width=640)
20. Craig Bellamy - 3/1
Hasn’t made the move to Munich with Kompany and has since been placed in temporary charge. Understood to be interested in the number one role.Photo: Stu Forster