The 90-year politician will honour the 'Like a Rolling Stone' singer in Los Angeles, following in the footsteps of previous winners such as Tony Bennett, Aretha Franklin, Billy Joel and Quincy Jones.
The pre-Grammy show - which will take place on February 6 at the Los Angeles Convention Centre - will feature performances from Bruce Springsteen, Tom Jones, Willie Nelson and Jack White, all of whom will celebrate the star's extensive back catalogue.
The 73-year-old musician was announced as the winner of the accolade in September, with the MusiCares Foundation Board chair, Bill Silva, praising him for his ability to write incredible songs, having released over 30 albums.
He said: ''Bob Dylan's songwriting ability is unmatched, and it will be an extraordinary evening to hear his work showcased by such a remarkable group of artists.''
Proceeds from the event - which takes place just two days before the 57th annual Grammys Awards on February 8 - will go towards MusiCares, which provides financial and medical assistance to needy musicians.
The celebration will take place in the same week as the star releases his 36th studio album 'Shadows in the Night', on which he has reimagined classic Frank Sinatra tracks.
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