Bob Dylan favorite to take Nobel Prize for literature (VIDEO)

Bob Dylan is the odds-on favorite to win the Nobel Prize for Literature, according to British betting house Ladbrokes.

Dylan — called unofficial poet laureate of the rock 'n' roll generation by the AP— is running at 5-to-1 odds, ahead of Japanese novelist Haruki Murakami, who is in second place, and Syrian poet Adonis in third.

The prize will be announced Thursday.

The Guardian had reported a late surge in betting on the literature Nobel had seen the odds on singer-songwriter tumbling from 100/1 to 10/1 over 24 hours.

The paper updated with the news that Dylan was "now installed as the firm favorite, after 80 percent of bets taken in the last 12 hours were placed." 

The Ladbrokes list, however, is speculative, as the Nobel Committee does not release the names of writers under consideration.

Dylan, a rock star, stands out on the list, as most other presumed contenders for the Literature Nobel are international writers with a significant body of work, such bestselling writers such as Michael Ondaatje ("The English Patient"), Ian McEwan ("Atonement," "Saturday") and Umberto Eco ("The Name of the Rose"), the LA Times reports.

He was tied for dead last when Ladbrokes initially posted the list.

AFP quotes Alex Donohue of Ladbrokes as saying:

"We have seen a lot of bets from Sweden, from people we believe to be quite well-informed.

"Everything now points to Dylan taking the prize. At first we had him down as a rank outsider but the committee have been known to spring a shock and punters the world over feel Dylan will be the beneficiary."

Dylan, who penned a successful memoir "Chronicles, Vol. 1," has been in contention for several high-profile literary prizes, including the $50,000 Neustadt international prize for literature and the National Book Critics Circle prizes.