Lady Gaga, Katy Perry and teen sensation Justin Bieber are also among the performers at the show in Los Angeles, where rapper Eminem hopes to seal a comeback year with a brace of awards, reports the Sydney Morning Herald.
Apart from showcasing new talent, the glittering evening will also pay tribute to past greats including The King of Rock 'N Soul Solomon Burke, who died last year, and ailing soul legend Aretha Franklin.
Christina Aguilera, Jennifer Hudson and Florence and the Machine singer Florence Welch will stage a combined Valentine's and get-well tribute for Franklin, who is recovering from reported cancer surgery.
"The special segment will feature individual and collective performances of some of the Queen of Soul's classic hits," said the organisers ahead of the three-and-a-half-hour 53rd Grammys show at the Staples Centre in downtown LA.
Dylan, appearing at the Grammys for the fifth time, will perform with country-tinged Brits Mumford and Sons and folk-rock band the Avett Brothers in a special salute to acoustic music, organisers said. In other new announcements on Thursday, three days before the show, they said rapper Dr Dre will appear, in his first live television performance for more than a decade.