AS producer Glyn Johns says in his book Sound Man (Blue Rider Press) that Dylan approached him with the idea at a New York airport, roughly in the summer of 1969.
Dylan then dropped a bomb. "He said he had this idea to make a record with the Beatles and the Stones," John writes. "And he asked me if I would find out whether the others would be interested. I was completely bowled over. Can you imagine the three greatest influences on popular music in the previous decade making an album together?"
Bob Dylan had later on two albums with George Harrison, Tom Petty, Roy Orbison, Jeff Lynne, and Jim Keltner under the name The Traveling Wilburys.
Dylan wanted to make an album with a three-way supergroup consisting of himself, The Beatles, and The Rolling Stones.
Johns quickly began working the phones. "Keith and George thought it was fantastic," he writes. "But they would since they were both huge Dylan fans. Ringo, Charlie and Bill were amicable to the idea as long as everyone else was interested. John didn't say a flat no, but he wasn't that interested. Paul and Mick both said absolutely not."
“We would pool the best material from Mick and Keith, Paul and John, Bob and George, and then select the best rhythm section from the two bands to suit whichever songs we were cutting. Paul and Mick were probably, right, however I would have given anything to have given it a go.”
Needless to say, the plan didn't go forward.
And while this three-way record never came to pass, Dylan did release a collaborative live album with The Grateful Dead, Dylan & The Dead, in 1989.
Johns and Dylan likely took place around 1969.
Although the three music legends never joinced forces, it was still a mighty year for rock with the release of the Stones’ Let It Bleed, The Beatles’ one-two punch of Yellow Submarine and Abbey Road, and Dylan’s Nashville Skyline.