Under-21s hero Trafford has shot to fame and Vincent Kompany has talked his money men into investing. The guaranteed fee is £13million plus extras.
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Carlisle will qualify for a slice of the deal, which could go as high as £1m.
Burnley have moved for the City goalkeeper after he helped England secure the Under-21 Euros earlier this month.
Trafford did not concede a single goal during the tournament and saved a stoppage time penalty in the final against Spain.
As a result, he is expected to seal a move to Turf Moor that will see him play Premier League football next season.
The 20-year-old goalkeeper has spent the last two seasons on loan at Bolton Wanderers in League One.
During his time with the Trotters, Trafford won the EFL Trophy at Wembley Stadium.
He will be managed by City legend Kompany at Burnley, with the Belgian having taken the Clarets up last term.
Trafford will also have the chance to make his Premier League debut against his old club.
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Burnley host City on the opening weekend of the season, with the match kicking off the season on August 11.
The young keeper will be Burnley’s third signing of the summer, following the arrivals of Dara O’Shea and Lawrence Vigoroux.