I think this new Dylan album might just be happening. This is a quote from Isis magazine, one of the biggest Dylan fanzines around:
New Dylan Album
As trailed in ISIS Magazine (see The Wicked Messenger #6649 for January 4, 2009), a completely new Bob Dylan album is in the can. Our understanding is that the album was recorded last October in California (maybe with the recording sessions starting slightly earlier than that). The sequencing of the tracks was completed in January and the album is expected to contain ten tracks.
Jeff Rosen has brought the finished album to Europe for listening sessions in various cities including London, Munich and Oslo. These “listenings” were mainly for sales and marketing staff at Sony. We must assume that similar sessions have taken place in the United States. Several different titles have been put forward for the album but, for the most part, these seem to be little more than internet babble and at the time of the listenings (mid February) no title had been decided upon. At one time, it was suggested that the album would be released in the autumn, then a release date in May 2009 was mentioned but it seems that the release has now been brought forward to the last week of April, to coincide with later stages of Dylan’s forthcoming European tour. There are strong rumours about the circumstances in which the album came about (See entry for “My Own Love Song” below). There are also rumours that the musicians on the album are not all from the current touring band.
Meanwhile, we will leave you to speculate on the coincidence of any additional London concert date (April 26) and the release of a new album. We would suggest that you check the ISIS website regularly for further information.
Also, Uncut appears to be reporting it as well: http://uncut.co.uk/news/bob_dylan/news/12792