The FA chairman gave evidence to the Culture Media and Sport select committee yesterday regarding the bidding process for the 2022 World Cup in Qatar, which has been plagued by allegations of corruption.
Dyke called for thorough reform of FIFA but admits it is unlikely to occur while Blatter remains in post.
He also revealed England would not bid for Fifa tournaments, including the World Cup, while the Swiss was in charge.
Dyke told the committee: "A lot of the European football associations made it clear they did not support Blatter but from the rest of the world he has overwhelming support.
"If he runs again he will win, but it's unlikely we at the FA would vote for him. Would we leave FIFA? Not on our own, no. Reform through UEFA and from the inside is the better way forward."