The film is inspired by 1980s TV series of the same name and stars Gosling as Colt Seavers, a top Hollywood stuntman down on his luck after an on-set accident
Smith will perform "A Hard Rain's A-Gonna Fall" at the Nobel banquet on Dec 10 while Dylan's speech would also be read out at the event, the Nobel Prize organisers said on Twitter on Monday.
Dylan said in the wake of being awarded the 8 million Swedish crown ($870,000) prize that he would accept the award but that he would not attend the ceremony in Stockholm.
Local news agency TT said the speech would be read by Swedish Academy member Horace Engdahl.
Other Nobel Prize winners who have not attended the prize ceremony include Britain's Harold Pinter and Elfriede Jelinek of Austria.