The Clarets are in another relegation dogfight, and COVID-19 means that money may be even tighter in the summer and beyond.
It means that Dyche could look elsewhere if he wants to progress as a manager.
Speaking on the Eamonn and the Gaffers podcast, he said: "I think the honest answer is that we've done a lot of work at Burnley.
"It's how far you can keep the journey going, where it can it go. So there's a reality to that.
"It is a good place to work, I like the people I work for and with so that's beneficial. I do have a reasonable say in quite a lot of the club. Not everything but in a lot of things.
"If the opportunity to come to somewhere that I thought would really enhance my chances as a manager to continue improving and continue testing myself, who knows?
"But I've been down this road before. There's been links before. I'm still at Burnley football club and it would have to be a balanced situation for me to look at anyway."
"You have to know what the realities are. There have been recent stories that are nothing to do with me.