Last week, Express Newspapers owner Desmond announced a clear out of Channel 5's senior management team as part of a major overhaul of the broadcaster that he acquired in £103.5 million deal.
The changes have resulted in seven of Channel 5's nine executive directors preparing to leave their posts, along with up to 80 jobs being cut at the commercial broadcaster.
The most high profile departure is that of Dawn Airey, Channel 5's chairman and chief executive, who is joining previous Five owner RTL.
Early indications are that Stan Myerson, managing director at Desmond's Northern & Shell business, is the frontrunner to lead the broadcaster.
However, Channel 5's new billionaire owner could instead look to appoint a more high profile name from the broadcasting world, with several media outlets reporting that he has already sounded Dyke out about taking on the challenge.
Dyke was instrumental in establishing Channel 5 in 1997 after putting together the consortium that successfully bid for the licence to run Britain's fifth terrestrial channel.
In 2000, he left to become director general of the BBC, but was forced to resign in 2004 in the wake of the Hutton inquiry into the death of Iraq weapons inspector Dr David Kelly, which was highly critical of the corporation.
Despite his strong connections to Channel 5, Dyke is understood to have snubbed Desmond's offer to make a dramatic return to the broadcaster.
Last week, Dyke told The Independent: "Desmond is a brave man. Channel 5 hasn't made any money since it started, and it was clearly in difficulties when he bought it. I wish him luck. It would be great to make it work."