'Lost On The River: The New Basement Tapes' is the result of Dylan handing a collection of unused songs over to producer T-Bone Burnett to find a use for, reported Digital Spy.
Marcus Mumford of Mumford & Sons, Elvis Costello, Jim James of My Morning Jacket, Rhiannon Giddens of the Carolina Chocolate Drops and Taylor Goldsmith of Dawes will all feature on the album.
Depp, 51, will appear on the record, playing guitar on the track 'Kansas City' - something which occurred when Costello was unable to make a recording session due to a show.
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