The defensive end recorded a career-high 15 sacks in 2012, following Coyle's arrival at the Sun Life Stadium.
Coyle told the team's website: "I wouldn't trade Cam Wake for anybody in our league. He's a joy to coach. He works at it mentally, he's strong against the run, dynamic pass rusher, intelligent football player, can cover guys when we do put him into coverage.
"He's a guy that can run with backs, tight ends, shoot, he can run with some receivers out there. He's a dynamic player, and we're so fortunate to have him."
Wake joined the Dolphins in 2009, making the Pro Bowl twice in his four seasons with the AFC East side.