Joe Hart and James Milner have been the only regular English starters this season for City, who enter Sunday's final round of Premier League games as strong favourites to be crowned champions for the second time in three years.
Chelsea have three England internationals in the form of Gary Cahill, Frank Lampard and Ashley Cole - together with John Terry, who has retired from international football.
However, Terry, Lampard and Cole are out of contract at the end of the campaign and the latter has started only four league games in 2014.
Dyke has come in for criticism this week after his FA commission proposed the creation of a fifth tier of the Football League - League Three - which would include Premier League B teams, as well as the top sides from the Conference.
The plans are designed to allow England's young stars to play regular, competitive football with a view to progressing into the national team.
Assessing the number of English players currently in action at City and Chelsea, Dyke said: "It's been a great league this year. I think the Premiership has been brilliant. But I think there are probably two (regular) England players playing at City and two or three at Chelsea, although there won't be that many next year – that's pretty depressing."
Dyke feels the situation underlines the need for change.
He added: "What do they (club owners) care about? A lot of them, because they're spending a lot of money on academy programmes, are saying: 'But hang on, what am I getting back for this?'
"When Chelsea have not had a player out of their academy and into their first team consistently since John Terry, you wonder, well, hang on, this is probably the most expensive academy in Britain."
Asked about critics of the B team proposal, Dyke said: "You say to them 'OK, guys, but what are you going to do? If it's that easy, what are you going to do to get these kids through?'
"It's all right sitting there saying we won't change anything. And in 15 years' time there are only 15 per cent of the players in the Premier League who are English and we haven't got an England team."
