However, Dyke warned that it would be difficult to fund such a channel from advertising revenue along, meaning public cash would be required.
Two years ago, the Scottish government established a commission to investigate whether Scotland should have its own dedicated public service TV channel.
Speaking yesterday at a conference in Glasgow, Dyke discussed how the channel - currently known as the Scottish Digital Network - could be progressed.
The network would be established to complement rather than compete with the existing Scottish broadcasters, the BBC and STV.
However, meeting the expected £75 million a year cost of funding the channel is likely to prove a problem, as the Scottish and UK governments have limited budgets available.
The TV licence fee, which funds the BBC, was also recently frozen for six years and more funding responsibilities placed on the corporation.
But if the Scottish Digital Network was made overly reliant on advertising or commercial sponsorship, it could struggle to meet its public service obligations.
The Scottish government has already established a panel to look at the options for paying for the Scottish Digital Network, with initial recommendations expected in January.
Dyke, who was recently appointed to chair a local TV panel, said that the Scottish government should be given more powers to control aspects of broadcasting policy in Scotland.
The power to control broadcasting currently resides with Westminster, but Dyke believes that it should be up to Scottish politicians and the public to decide if the cost of running the new channel is truly justified.
Also at the conference, Dyke predicted that STV and Ulster Television - the last major networks holding Channel 3 licences - will face major challenges in the years ahead.
He said that ITV would most likely seek to broadcast flagship channel ITV1 directly into Scotland and Ireland once the licences expire in 2014, just as it currently does with ITV2.
That would mean STV and UTV would not be able to air major ITV shows such as Coronation Street and Emmerdale, reducing their appeal to viewers.