The 22-year-old joined Burnley from Lazio last year and scored three goals in 32 appearances during his only season there.
Tchaouna came through the youth ranks at Rennes and made his senior debut for the Ligue 1 side before a loan spell at Dijon.
He later moved to Italy, recording six goals and three assists in 35 appearances for Salernitana, before featuring in 11 Europa League games for Lazio.
Coventry begin their Premier League campaign away to champions Arsenal on August 21.