Bob Dylan is 2015's MusiCares Person of the Year

Bob Dylan is poised to receive a prestigious accolade.

The legendary singer has been named the 2015 MusiCares Person of the Year, the charity organization announced Tuesday.

Dylan, 73, will be honored for his artistic achievements by both MusiCares and the Recording Academy -- the same organization which holds the Grammys each year -- during a special ceremony in Los Angeles on Feb. 6, two days before the big awards show.

"In celebrating the 25th anniversary of our MusiCares Person of the Year tribute, it is most fitting that we are honoring Bob Dylan, whose body of creative work has contributed to America's culture, as well as that of the entire world, in genuinely deep and lasting ways," said Neil Portnow, president and CEO of the MusiCares Foundation and the Recording Academy.

A dinner and tribute concert will be held during the event for Dylan, and there will also be an auction with all proceeds going to the MusiCares Foundation, which raises funds to help impoverished members of the music community.

Dylan will certainly recognize some familiar faces on stage during the tribute concert. Scheduled performers include Beck, the Black Keys, David Crosby, Stephen Stills, Graham Nash, Norah Jones, Tom Jones, Los Lobos, John Mellencamp, Willie Nelson, Bonnie Raitt, Eddie Vedder, Jack White and Neil Young.

Crosby, Raitt, Diamond and Young have all won the MusiCares Person of the Year awards in years past. Other previous recipients include Gloria Estefan, Tony Bennett, Luciano Pavarotti, Stevie Wonder, Aretha Franklin, Barbra Streisand and Carole King, who took home the honor this year.