The folk rock icon sold the 6,000-item collection to chiefs at the University of Tulsa and the George Kaiser Foundation for a price between $15 million (£9.4 million) and $20 million (£12.5 million), according to The New York Times.

Spanning the nearly six decades of his career, the archive includes personal effects, notes, draft lyrics, poems, artwork, video, and master recording tapes of his entire music catalogue, much of which has never been released.

The archive, which will be available to scholars and curated for public exhibitions, was carefully chosen to be housed at the school by Dylan's representatives. Tulsa, in particular, has a special place in the singer's heart since it is also the home of a museum dedicated to Woody Guthrie, one of Dylan's biggest musical influences.

"I'm glad that my archives, which have been collected all these years, have finally found a home and are to be included with the works of Woody Guthrie and especially alongside all the valuable artifacts from the Native American Nations," Dylan says in a statement. "To me it makes a lot of sense and it's a great honor."