The ad, created by TBWA\Chiat\Day, broke this week and features Dylan performing the single 'Someday Baby', set against a stark white backdrop -- a look that runs through much of the advertising for Apple products.
It also features an almost-silhouetted dancer prominently displaying a white iPod -- a motif that runs through all of the iPod advertising.
The spot can be viewed online at the Apple site, on a page that also has a link to where people can buy 'Modern Times' and the full range of iPods.
Dylan, whose fans once were once up in arms when he started playing an electric guitar, has well and truly embraced the age of digital music.
His deal with Apple includes a Bob Dylan digital box set, called 'The Collection', only available on iTunes. It features all of Dylan's albums -- almost 800 tracks in total -- and can be downloaded in the US for $199 (£104.70).
Apple also gave US fans the chance to get advance tickets on dates to Dylan's tour later this year, if they pre-ordered 'Modern Times', which came out yesterday.
"Bob Dylan is one of the most respected poets and musicians of our time, and he is a personal hero of mine," Steve Jobs, Apple's CEO, said.
"Being able to offer his new album and the exclusive box set of his works on iTunes is a real thrill for us."
Having shunned the commercial world for decades, in 2004 Dylan made his first ad -- promoting the US lingerie brand Victoria's Secret. He was then criticised for a 2005 deal with Starbucks to sell rare tracks in its US stores.
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