The 'Maggie May' singer has always counted the 'Like a Rolling Stone' hitmaker as one of his idols but doesn't think he made the right choice in recording his own versions of American standards, largely made famous by the legendary crooner, for his three most recent albums, 'Shadows in the Night', 'Fallen Angels' and 'Triplicate'.
Rod - who has recovered a number of cover albums himself - said: ''We all had a good laugh at that one.
''Me and the band sat around and listened to the one that came out about four years ago.
''He shouldn't really try that stuff. He should stay where he is.''
And the 73-year-old singer slammed Bob, 77, for being a disappointment on stage, insisting the folk star and fellow music veteran Van Morrison should do more to engage with their audiences.
He said: ''He's one of my idols. I was very disappointed when I went to see him in concert though.
''He doesn't acknowledge the audience. The songs are nowhere near what they're meant to sound like.
''Van Morrison's another one. He just puts his head down and gets on with it.
''I got my three daughters tickets to see him. Within two songs, they were on their cell phones.
''Apparently, he told a joke on stage about six months ago. But he's great, so is Bob.''
However, Rod thinks the 'Blowin' in the Wind' singer is one of the greatest songwriters.
He told Uncut:'' Him and Tom Waits are the two people I look up to as lyricists. They're so good at imagery.
''I don't have that quality in me, I just tell stories.
''For a song to work for me, I have to connect with the lyrics and I have to find them different.
''I can't stand words that rhyme for the sake of rhyming.
''Tom Waits is an absolute exception.''