The 66-year-old, who was previously Director-General at the BBC, hopes to arrest the English national team's slump and has set an ambitious target for the Three Lions.
|25/1||England are 25/1 with Coral to win the World Cup
Dyke also referred to English football as "a tanker that needs turning" amidst criticism that an influx of foreign talent to the Premier League has damaged the Three Lions' ability to compete on the international stage.
Financial firm Deloitte have released figures showing that only £60 million of the £630m gross transfer spending by Premier League clubs this summer was on English players.
Though he labelled this dilution of English talent as a "frightening trend", Dyke insisted that his intention was "not designed to start a blame game", but to "work hand in hand with the [Premier] League" to improve the national team.
Dyke also commented that whilst English clubs have invested heavily in academies, a return has yet to be seen, and cited the need for young talent to have a place in the Premier League in order to develop.
"If the best of our emerging young players can't get a game here, then we have a serious problem."