The first songwriter to receive the prestigious award, Dylan has joined the league of Nobel laureates including Thomas Mann, Albert Camus, Samuel Beckett, Gabriel Garcia Marquez and Doris Lessing.
At a secret time and place, the famously reclusive Dylan is to receive his Nobel diploma and medal in a closed meeting with the members of the Swedish Academy, which elects the winners of the literature prize.
"The setting will be small and intimate, and no media will be present; only Bob Dylan and members of the Academy will attend, all according to Dylan's wishes," Sara Danius, permanent secretary of the Academy said in a blog post.
He is set to perform concerts on Saturday and Sunday in Stockholm, the first stop on a long-planned European tour.
But the 75-year-old rock enigma will not give his traditional Nobel lecture during the meeting, the only requirement to receive the eight million kronor (836,000 euros, $895,000) that comes with the prize.
"If you want something to go towards a certain direction, then he will go towards the opposite direction. This is what he's done in his entire career," Martin Nystrom, a music critic at the Swedish daily Dagens Nyheter, told AFP.
"He's very unpredictable."