If one could dream up a perfect compilation of Bob Dylan covers,I’m Not There  would come pretty close to it.

With 34 tracks, this two-disc companion compilationfor the yet-to-be-released film, also titled “I’m Not There,” flexes its well-rounded contemporary muscles with artists ranging from Sufjan Stevens to Cat Power. Most incredible about these tunes is how creatively each artist is able to reinvent the calm yet powerful vocal stylings of Mr. Dylan himself.

A highlight of the album is “Goin’ to Acapulco” featuring My Morning Jacket vocalist Jim James and the folk group Calexico. James’ voice is uncannily similar to Dylan’s and is characterized by long, heart-wrenching waves of sound that are incredibly compelling. The trumpets ring warmly and fill any room, as well as resonate heavily in the spirit of the original tune.

Iron & Wine also teams up with Calexico for “Dark Eyes.” The song is an exotic and serious rendition that delicately balances between Dylan’s bluesy essence and Iron & Wine’s dramatic, husky vocals. Also prominent are Iron & Wine’s machine-like beats, which completely turn the song on its head. Lyrics like “I live in another world where life and death are memorized/ Where the Earth is strung with lover’s pearls and/ All I see are dark eyes” are honest, poetic examples of Dylan’s genius and are enough to make any compilation compelling.

In addition to the several contemporaries, throwback artists like Willie Nelson, Richie Havens, Roger McGuinn and Ramblin’ Jack Elliot also have a heavy presence onI’m Not There. All having interacted with Dylan years ago, these artists add a genuine element to the collection. Their voices are reminiscent of hard times and experiences that children of this generation have yet to face, and the collection would be incomplete without these inclusions.

Pop-folk artist Mason Jennings is also featured in two of the album’s most powerful tracks. In “The Lonesome Death of Hattie Carroll” and “These Times They Are A-Changin’,” listeners are blown away by the alt-country feel and strikingly familiar Dylan-esque vocals. In Dylan’s day, “These Times They Are A-Changin'” was a revolutionary song that crystallized the feel of the ’60s, as well as the passionate, radical movement of the youth. To cover a song that is almost an institution is a tall order, yet Jennings demonstrates his musical mastery and rises to the occasion with simple sounds that speak of comfort and warmth.

Also joining the all-star list is Wilco’s Jeff Tweedy. On “Simple Twist of Fate,” a beautifully written story about a couple’s one-night stand that strikes at the very core of everyone who has quickly fallen in and out of love, he vigorously revives the 1975 tune. Tweedy’s voice, which is tinged with a folk flavor, is perfect for this slow-moving, heartfelt anti-ballad.

Other well-known artists featured onI’m Not There include Yo La Tengo, the Black Keys, Eddie Vedder, the Hold Steady and mellow West Coast singer-songwriter Jack Johnson. Although including Johnson in a Bob Dylan collection seems risky, his very mainstream approach gives a new, fresh and relatable dimension to these classic tunes that everyone has heard repeatedly. Yet, the entire compilation is overall a daring experiment in manipulating time that proves to be a resounding success for Bob Dylan fans of all generations.

Rounding out the whole collection is Dylan’s famous outtake and the album’s namesake “I’m Not There.” Officially released for the first time on this album, it is a simple, five-minute-long exercise in landmark Dylan lyrics and mournful storytelling. Slightly unfocused, yet evidently emotional, “I’m Not There” is curious, as listeners might wonder why it was excluded fromThe Basement Tapes. The track, however, is the perfect, mellow ending to this thought-provoking, yet entirely exciting collection of Dylan classics.

I’m Not There is an accessible gathering of songs that Dylan fans, as well as non-fans, will appreciate. It’s a commendable effort to fuse the past with the present while still maintaining the powerful core of musical brilliance produced by Bob Dylan and adored by countless people around the world.