Reports on Wednesday suggested Republic of Ireland international Walters, who missed his country's final two 2018 World Cup qualifiers, would be sidelined until at least Christmas due to a recurring knee problem.
However, when quizzed about the 34-year-old's fitness at a press conference on Thursday, Dyche refused to confirm whether the forward would be out until the New Year although he remains hopeful his summer signing will be back quicker than expected.
"It's a historical injury, a wear-and-tear injury," he said. "I've seen some timescales have been reported but we're still not putting a timescale on it. I've said all along it's not going to be days, it's going to be weeks and we're hoping for it to settle down quickly."
Walters made the switch from Stoke City this summer, ending a seven-year spell with the Potters, but he has only managed 27 minutes of Premier League football due to injuries.