Bob Dylan and Neil Young are to co-headline a concert as part of the British Summer Time festival in Hyde Park, London, on 12 July 2019.

Dylan will be joined by his backing band, while Young will be backed by Promise of the Real, featuring Willie Nelson’s son Lukas, with whom Young recorded two of his most recent albums: The Monsanto Years and The Visitor.

Fans will be hoping the pair play together at some point during the event. The open-air show marks a coming together of two of north America’s most celebrated songwriters, who have each acknowledged the other down the years. Young covered Dylan’s Blowin’ in the Wind in hugely noisy fashion for the 1991 Arc/Weld tour and also shortly after the September 11 attacks, while Bob Dylan has covered Young’s Old Man in concert.

The pair played on stage together in 1992, for a concert Young dubbed “BobFest”: a 30th anniversary celebration of Dylan’s music that featured the pair playing Knockin’ on Heaven’s Door alongside Eric Clapton, Johnny Cash and more. They also played together for The Last Waltz, the final 1976 show by the Band, captured on film by Martin Scorsese.

Young described Dylan in 2005 as “the master. If I’d like to be anyone, it’s him … The guy has written some of the greatest poetry and put it to music in a way that it touched me, and other people have done that, but not so consistently or as intensely.”

Dylan, though, said he was troubled by hearing Young’s song Heart of Gold on the radio when it was released in 1972. “I think it was up at No 1 for a long time, and I’d say, ‘Shit, that’s me. If it sounds like me, it should as well be me.’ It seemed to me somebody else had taken my thing and had run away with it and, you know, I never got over it.”

It’s been an eventful year for Young. He married Darryl Hannah in August, opened up his back catalogue in a major online archive project, and suffered the loss of his house to the recent Californian wildfires, criticising Donald Trump for his response to the disaster. At 77, Dylan continues with a heavy touring schedule – he has played across Europe, Australia and the US in 2018, and is performing in a residency at New York’s Beacon Theatre.

Tickets for the British Summer Time concert go on sale on 30 November.