Dylan is among the names being inscribed on the NYC Parks Laureate Monument.
The structure in Theodore Roosevelt Park at Columbus Avenue and West 81st Street honors all American Nobel Prize winners.
The music legend won the prize for literature last year.
Dylan will not be attending Thursday's event.
The 2016 American Nobel Prize recipients, newly added to the Nobel Monument, are: Bob Dylan - Literature, Oliver Hart - Economics, Fraser Stoddart - Chemistry, David J. Thouless - Physics, F. Duncan M. Haldane - Physics, and John M. Kosterlitz - Physics.
The Nobel Monument is the only monument in a New York City park where the names of living persons are inscribed.