For literature? Here's one of many news stories on the announcement that are out this morning.
Much as I love much of his work, I don't really think so. If there were a Nobel Prize for popular music, absolutely yes. But something called "literature" should be able to stand alone on the page, and I don't think his lyrics do. It's almost impossible to read them without hearing them in their musical setting, or at least it is for me. But if I could read his lyrics as pure text on a page I don't think they would make that much of an impression.
But no doubt there have been less worthy recipients of the prize.