Tchaouna joined Burnley from Lazio for £13million last summer but struggled to make the impact expected of him, scoring three goals in 33 appearances across all competitions as the Clarets were relegated back to the Championship.
The 22-year-old, who can play across the front line but operates predominantly on the right wing, is understood to represent good business for Burnley regardless, given the fee agreed with Coventry.
Coventry are also closing in on a second significant addition, with the finer details of Aurele Amenda's move from Eintracht Frankfurt being finalised. The Swiss international centre-back, valued at up to £17million including bonuses, will formally complete his transfer once he has undergone a medical after Switzerland's involvement at the World Cup comes to an end.
Amenda, who stands at 6ft 6in, made 29 appearances for Frankfurt last season and is seen by Lampard as a significant upgrade to Coventry's defensive options ahead of their return to the top flight for the first time since 2000/01.
Both deals underline the scale of Coventry's ambition this summer as they prepare for their first Premier League campaign in over two decades. The club's previous transfer record stood at £7.7million, paid for striker Haji Wright in 2023, meaning the Amenda deal alone would more than double that mark.
Eintracht Frankfurt originally signed the defender from Young Boys for around €9million plus add-ons in January 2024, and Coventry's fee represents a significant profit for the Bundesliga club barely 18 months on.
Coventry have also been credited with interest in a number of other names in recent weeks, including Everton goalkeeper Mark Travers, as Lampard looks to build a squad capable of competing at the higher level.
So far this summer only Frank Onyeka, whose loan from Brentford was made permanent, has been officially confirmed as a new arrival at the CBS Arena, meaning the Tchaouna and Amenda deals would represent a significant acceleration of Coventry's recruitment plans as pre-season approaches.