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?
![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. Understood to be open to the move.](https://www.burnleyexpress.net/webimg/b25lY21zOjA2ZjJmYjlkLTVmZTgtNDkxNC04NTc2LWZkOTliMGJlYTNhNDo0YjkwMDUzYy00YWYyLTRhY2ItYjdlYy1kNzg5YzBhYzY3OGI=.jpg?crop=3:2&trim=&width=640)
21. FAVOURITE: Frank Lampard - 4/6
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. Understood to be open to the move.Photo: Alex Davidson