The Germany international is in the final stretch of his recovery from a broken fibula suffered in the Club World Cup in June.
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Kompany, on Friday, delivered an update, revealing Musiala will return to training this month.
He said, "Jamal is still a bit behind Alphonso Davies, but everything is going well.
"He should be able to train with us a couple of times before Christmas. 2026 could be his year."
Bayern intend to gradually re-introduce Musiala, with careful consideration over the first two months of his return.