The latest release from the American songwriter tops the list, according to a panel of 48 musical critics.
Dylan beat competition from Bruce Springsteen, who took second place. Gnarls Barkley reached the number three position with their first CD, St. Elsewhere, followed by the English sensation Artic Monkeys.
Here is the top ten list of the albums of the year according to Billboard magazine:
1. Bob Dylan, "Modern Times" (Columbia) — 65 points
2. Bruce Springsteen, "We Shall Overcome — The Seeger Sessions" (Columbia) — 58 points
3. Gnarls Barkley, "St. Elsewhere" (Downtown/Atlantic) — 53 points
4. Arctic Monkeys, "Whatever People Say I Am, That’s What I’m Not" (Domino) — 50 points
5. TV On The Radio, "Return to Cookie Mountain" (Interscope) — 47 points
6. Tom Waits, "Orphans: Brawlers, Bawlers and Bastards" (Anti-) — 39 points
7. The Hold Steady, "Boys and Girls in America" (Vagrant) — 38 points
8. Tie: Red Hot Chili Peppers, "Stadium Arcadium" (Warner Bros.) and Dixie Chicks, "Taking the Long Way" (Open Wide/Columbia) — 33 points
9. Tie: Tool, "10,000 Days" (Tool Dissectional/Volcano) and The Beatles, "Love" (Apple Corps Ltd./Capitol) — 27 points
10. Corinne Bailey Rae, "Corinne Bailey Rae" (Capitol) — 23 points
2. Bruce Springsteen, "We Shall Overcome — The Seeger Sessions" (Columbia) — 58 points
3. Gnarls Barkley, "St. Elsewhere" (Downtown/Atlantic) — 53 points
4. Arctic Monkeys, "Whatever People Say I Am, That’s What I’m Not" (Domino) — 50 points
5. TV On The Radio, "Return to Cookie Mountain" (Interscope) — 47 points
6. Tom Waits, "Orphans: Brawlers, Bawlers and Bastards" (Anti-) — 39 points
7. The Hold Steady, "Boys and Girls in America" (Vagrant) — 38 points
8. Tie: Red Hot Chili Peppers, "Stadium Arcadium" (Warner Bros.) and Dixie Chicks, "Taking the Long Way" (Open Wide/Columbia) — 33 points
9. Tie: Tool, "10,000 Days" (Tool Dissectional/Volcano) and The Beatles, "Love" (Apple Corps Ltd./Capitol) — 27 points
10. Corinne Bailey Rae, "Corinne Bailey Rae" (Capitol) — 23 points