But should a songwriter really be eligible to win the Nobel Prize for literature?
Yes, says Dylan expert David Gaines, professor of English at Southwestern University in Georgetown, Texas, and author of the book "In Dylan Town: A Fan's Life."
"I think Dylan has always been putting words out there, combining words and thoughts and images, telling stories and turning phrases in ways that will be read for a very long time," Gaines told ABC News.
"I'm excited because it expands our notion of what literature can be," he added. "It can be words set to music. It can be film. It can be sermons. It can be speeches. So I think it's a bigger tent and it's not just your grandfather's novels anymore."
Another plus in Dylan's column, according to Gaines, is the fact that much of Dylan's music is political, which is something the Nobel committee likes to see in its nominees.
But asked to name the work that proves that Dylan's worthy of the honor, Gaines didn't choose any political tracks.
"I'll give you a song: '[Mr.] Tambourine Man,'" Gaines said. "And I think it's a real toss-up between 'Blonde on Blonde' and 'Blood on the Tracks.' Those are two terrific albums from very different stages in his life and career."