The bid takes place today, with Germany the other nation likely to be selected.
"Euro 2020 is a different sort of tournament because it's obviously being played all over Europe," Dyke told Sky Sports News.
"We've bid for the semi-finals and the finals. We're down to two, between us and Germany who will want them played in Munich. Munich's a great stadium but we feel we've got a pretty good chance.
"Wembley's a great stadium. It holds a lot of people and you can dress it up to be very exciting, everybody thinks Wembley is one of the great stadiums in the world now. The two Champions League finals there have been a great success so if it comes to Wembley, we're very happy with Wembley.
Dyke has also revealed that the FA may consider a bid to host Euro 2028.
"If we get the finals for 2020, it's unlikely we would be awarded Euro 2024 but we may well bid for Euro 2028. We will bid again for the World Cup at some stage but I wouldn't be as optimistic of our chances as I would be for the Euros," he added.
"The politics of FIFA are very strange. Every country in the world will now have a vote on that instead of going to the executive. I don't know whether that means more manoeuvring or less. We've taken the decision that we won't bid for another World Cup while Sepp Blatter is there."
Euro 2020 will be held in 13 cities in 13 different European countries, rather than in just one host nation.