Yes, Dylan's 47th album will be Christmas songs. "Christmas In The Heart" will be released in October. All of his U.S. royalties from sales will be donated to "Feeding America".
Some of the songs included are "Here Comes Santa Claus", "Winter Wonderland", "Little Drummer Boy", and "Must be Santa".
Read quotes from "Feeding America" and Dylan on why they took on this venture on the Bob Dylan web site.