The 22-year-old Germany international, a key player for the national team's 2026 World Cup hopes, sustained a fibula fracture with a broken and dislocated ankle following a collision with then-Paris St Germain goalkeeper Gianluigi Donnarumma in their Club World Cup match in early July last year.
He had enjoyed a superb season until that stage with 21 goals and eight assists in all competitions as Bayern won the Bundesliga title.
"If all goes well today, the plan is that he will be there," Kompany told a press conference.
Despite Musiala's absence, the Bundesliga leaders have been firing on all cylinders this season.
Wednesday's 3-1 win over Koln set a new record for the first half of the league campaign, with Bayern on 47 points and a goal difference of +53. The previous best mark after 17 matches belonged to Pep Guardiola's Bayern from the 2013/14 season, also with 47 points but a goal difference of +35. Their 66-goal haul at this stage is also a new league record.
"Obviously, Jamal has a lot of positive energy coming out of this dark tunnel," Kompany said. "Then even the small things feel great. I tell my players to never forget this feeling of coming back. You appreciate everything more. Jamal has that now."
Kompany said Musiala and fit-again Alphonso Davies would not be pressured to deliver instantly as they ease back into action following their absences.
"I don't expect them to decide games for us. I want a good integration with a good performance, and at some point to be at 100%. Maybe not the level of before, but take that next step," Kompany said.
Bayern host Union Saint-Gilloise in the Champions League on Wednesday.