Bob Dylan favored to win Nobel prize for literature

(CBS) Bob Dylan: Singer. Songwriter. Activist. Nobel laureate?

The music legend has surged to the top of betting agency Ladbrokes' list, and is now the odds-on favorite to win the Nobel prize for literature, Britain's The Guardian reports.

The paper reported Tuesday night that Dylan's odds tumbled from 100/1 to 10/1. On Wednesday, Ladbrokes announced his odds were now 5/1, putting Dylan ahead of Syraian poet Adonis (6/1), Japanese writer Haruki Murakami (8/1) and Swedish poet Tomas Transtromer (10/1).

Eighty percent of bets made in a 12-hour period went to Dylan, according to the Guardian.

Dylan won a Pulitzer Prize in 2008 for "his profound impact on popular music and American culture, marked by lyrical compositions of extraordinary poetic power," and has also won 11 Grammys, a Golden Globe and an Academy Award. He was inducted into the Rock and Roll Hall of Fame in 1988.

The winner of the Nobel prize for literature will be announced Thursday. Check back here to see who won

Tell us: Do you think Dylan should be given the honor?