Blatter, who became the eighth FIFA president in 1998, ran unopposed for his fourth term in 2011 and confirmed he would stand for a fifth at a Soccerex convention last month citing his unfinished "mission".
But Dyke has called for change and believes the presidential reign should be restricted to two terms.
"As an individual he [Blatter] is OK, but two terms is probably as long as anyone should do in that job," Dyke told BBC Radio 5 live. "You need change and it's hard to get change if you don't change the president."
Dyke and Blatter have endured a difficult relationship in recent months.
In June the pair became embroiled in a war of words after Blatter accused British media of "racism" following demands for an investigation into corruption surrounding Qatar's 2022 World Cup bid.
Dyke called his comments "offensive and totally unacceptable" and has since iterated his call for a rival candidate.
"The FA made it very clear we didn't think he should have stood again," Dyke added. "We did think he stood last time on the basis that would be his last term and therefore we needed another candidate.
"I think there's a possibility another serious candidate emerges. I think their chances of getting in are not great. I think Blatter will be there for another four years.
"But in English football we all think that change would be a good thing."
In September Jerome Champagne confirmed his desire to run against Blatter for the presidency but must gain the backing of five FIFA member Football Associations before he can do so.
Champagne is not required to disclose who they are until January when declarations are made official.
(Reporting By Tom Hayward; editing by Martyn Herman)
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