There’s no option provided to do this, but since `mkinitramfs` is a shell script, one can be added without needing to recompile. In `/usr/sbin/mkinitramfs`, look for
case "${compress}" in
Add a “cat” line in the set of options:
cat) compress="cat" ;;
This will allow `COMPRESS=cat` to be specified in `initramfs.conf`.
You will have to re-do this every time `mkinitramfs` is restored from the package (on upgrade).