The group have decided to call off their 'Wonderland' live show in light of recent events in Manchester.
Musical greats including Neil Young and Norah Jones will gather to celebrate the 73-year-old's 'unmatched' songwriting ability and incredible career.
Bob Dylan has been named MusiCares 'Person of the Year' and will be celebrated by a host of musicians at 2015's pre-Grammys gala.
The annual bash in February will honour the 73-year-old with a star-studded concert for his songwriting ability and contribution to world culture.
Tom Jones, Beck and Norah Jones will perform versions of Dylan's songs to mark the 10-time Grammy award winner's incredible career alongside musicians Neil Young, Jack White and many more at the Recording Academy gig.
"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," said MusiCares chair Bill Silva.
The prestigious prize was founded in 1981 and recognises major artists and their musical and philanthropic efforts.
CEO of the organisation, Neil Portnow, praised Dylan for "contribut[ing] to America’s culture, as well as that of the entire world, in genuinely deep and lasting ways".
He joins the ranks of previous winners Elton John, Barbra Streisand and Paul McCartney.