Leeds are ambitious to gain promotion and would struggle to replace the All Whites skipper's goals though they have lined up Pierre-Michel Lasogga from Hamburg and Ross McCormack of Aston Villa. Both are likely to be initial loans.
Burnley sold striker Andre Gray to Watford earlier this summer for £18.5m ($32.8m).
English media outlets have reported that Dyche - who led his side to a shock 3-2 win over reigning Premier League champions Chelsea on Sunday (NZT) - was interested in signing Wood to replace Gray.
New Leeds manager Thomas Christiansen poured cold water over the idea of selling Wood however, telling The Guardian of Wood's importance to the club.
"Chris is very important and that is why he will not leave," he said after Leeds' 0-0 draw against Preston North End at the weekend.
"Many bids can come, of course, he is a good striker. But if we want to achieve something this season, you cannot sell your best players. If we want to go up, we need to keep good players."
Wood was the Championship's leading goal scorer last season, netting 27 goals - 30 in all competitions - in England's second tier league.
It was his nose for goal that has seen him monitored by other Premier League outfits, such as Southampton, Swansea City, Brighton and Hove Albion, and Stoke.
The Bleacher Report has also reported that West Bromwich Albion have also shown interest in signing Wood, more than seven years after the Baggies first signed him as a teenager.
Wood joined West Brom from NRFL side Hamilton Wanderers in 2009, making his Premier League debut for the club in a 2-2 draw against Portsmouth as a 17-year-old.
