The suspension of the constitution "has been lifted... to allow for the civilian transition process now under way," Lieutenant Colonel Yacouba Isaac Zida said on Saturday.
Political figures have until 1200 GMT on Sunday to suggest a leader for the country’s transition to civilian rule, Zida added.
The announcement came one day after the West African country's political parties, army, and civil society groups agreed to sign a transition document.
According to the document, a 90-member National Transition Council with legislative powers will be established, which is led by a civilian.
In addition, a special 23-member panel will choose a temporary civilian president who will appoint a prime minister and pave the way for elections by November 2015.
The prime minister will head a 25-member transitional government.
The document was expected to be signed on Saturday, but the signing ceremony was postponed until Sunday because the building where it was to be held was still being repaired.
Zida assumed power after the resignation of Compaoré who was forced to step down on October 31 following two days of mass protests against his attempts to change the constitution to extend his rule for a fifth term.
Demonstrators set the parliament on fire on October 30 to prevent a vote which they said would enable Compaoré to reinstate himself in office.
He first took power in a coup in 1987, and has emerged victorious in four elections since then.