According to this link from a Dylan website and several other reports (if you google "bob dylan my own love song"), he will be composing the soundtrack for this movie!! How awesome is that!!
i;m thinking that the oscars and their bizarre rules may not nominate him as the song appears on his album as well (which will be released before the film). They may claim that it was not "original Material" much like jonny greenwood's score had five minutes from an orchestral piece he wrote, and hence was not nominated they never had a real reason for the wrestler not being nominated except that they wnated as much possible slumdog millionaire as they could.