Nothing usually comes of such stories and, usually, they only come about when somebody wants to sell a record. In this case it's Dylan. He's got a new album out so he's doing interviews and he mentions that collaborating with Paul might be fun. Naturally, it's something the press can turn into a news angle. Even if it's just an offhand comment or something the artist says halfheartedly, it generates lots of headlines and maybe sells a few more records.
Nevertheless after Bob this in Rolling Stone:
"That would be exciting – to do something with Paul. But, you know, your paths have to cross for something like that to make sense."
Paul's people say this in the UK Independent:
"We heard the offer this morning and we're trying to let Paul know about it. I should think he would be very interested in hearing about it. As you can imagine, it would be a pretty major thing if it went ahead."
Don't hold your breath. And, if it happens, prepare to plug your nose. Anyone out there ever hear the never-officially-released Bob Dylan-Brian Wilson collaboration, "The Spirit Of Rock And Roll"? It's terrible!