Folk legend Bob Dylan has been named 2015 MusiCares Person of the Year by bosses at the Recording Academy.

The Mr. Tambourine Man hitmaker will be honoured at the 25th annual benefit gala dinner and concert on 6 February (14).

Neil Portnow, president and Ceo of the MusiCares Foundation and The Recording Academy, says, "(Dylan's) body of creative work has contributed to America's culture, as well as that of the entire world, in genuinely deep and lasting ways."

Willie Nelson, Bonnie Raitt and Eddie Vedder will perform as part of a tribute to the music legend and proceeds from the event will benefit the MusiCares organisation, which provides financial and medical aid to musicians in need.