McCormack, 26, has figured in all three of United's games so far this season and netted in the 2-1 win over Brighton on the opening day of the campaign, but has been the subject of interest from Leeds' Championship rivals Middlesbrough.
However, Burnley boss Dyche has urged the Yorkshire club, managed by former Reading chief Brian McDermott, to resist the Teessiders' overtures now that the Scot has settled into life at Elland Road.
Asked if Leeds would let McCormack depart, Dyche said: "You'd be surprised but you never know as Leeds might feel they have got to free up money to do something else.
"But he is a good player, who is elusive, hard to mark, gets assists and can definitely score a goal."
On the ex-Cardiff striker, who scored five times in the Championship last term as well as laying on 12 assists for his team-mates, Dyche added: "He has grown into his time at Leeds.
"When he first went there it was a big thing for him and he seemed to take time, but he is showing good signs now."
McCormack could feature in Leeds' Saturday lunchtime encounter with Yorkshire adversaries Sheffield Wednesday, a game live on Sky Sports 1 (channel 407) and Sky 2 (channel 121).
Dyche believes McDermott, who took charge at United in April, is starting to stamp his imprint on the club.
And he also reckons the 52-year-old has purchased astutely this summer as he looks to build on last season's 13th-place finish.
"I've spoken to Brian and [his assistant] Nigel Gibbs and they said they had a lot of work to do," added the onetime Millwall defender.
"They have changed the feeling around the training pitch and I think the team is beginning to show signs of becoming theirs.
"And they have brought in a couple of big signings, including Crewe's Luke Murphy, who is a very good young player and one who will grow into the Championship, and an experienced campaigner in Noel Hunt."