The 73-year-old musician will release his 36th studio album, 'Shadows in the Night', next year, comprised of covers of songs once sung by the legendary late crooner but admitted it was a challenge to simplify the original big band arrangements.
He said: ''It was a real privilege to make this album. I've wanted to do something like this for a long time but was never brave enough to approach 30-piece complicated arrangements and refine them down for a 5-piece band.''
The LP will feature well-known tracks by Sinatra, including 'Stay With Me', as well as versions of 'Autumn Leaves', 'What'll I Do' and 'I'm A Fool To Want You'.
The 'Like a Rolling Stone' singer - who released his last album, 'Tempest', in 2012 - also stripped back the recording process for his new LP, because he believes a studio version of the tracks would not do them justice.
He explained: ''That's the key to all these performances. We knew these songs extremely well. It was all done live. Maybe one or two takes. No overdubbing. No vocal booths. No headphones. No separate tracking, and, for the most part, mixed as it was recorded.''
Due to the way in which the album has been recorded, Dylan - who unveiled the LP's first track, 'Full Moon and Empty Arms' earlier this year - has assured sceptics his versions of the tracks do not sound like the originals.
Dylan said: ''I don't see myself as covering these songs in any way. They've been covered enough. Buried, as a matter a fact. What me and my band are basically doing is uncovering them. Lifting them out of the grave and bringing them into the light of day.''
'Shadows in the Night' will be released through Columbia Records on February 3 2015.
The tracklist for the album is as follows:
1. 'I'm A Fool To Want You'
2. 'The Night We Called It A Day'
3. 'Stay With Me'
4. 'Autumn Leaves'
5. 'Why Try To Change Me Now'
6. 'Some Enchanted Evening'
7. 'Full Moon And Empty Arms'
8. 'Where Are You'
9. 'What'll I Do'
10. 'That Lucky Old Son'
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