McPherson will write and direct the piece, which is about the owner of a Minnesota guesthouse in the '30s, and will feature some of Dylan's classic songs. Things take a turn when a preacher selling bibles and a boxer show up in the middle of the night.
Ciaran Hinds (Hamlet, Barbican) will play the owner Nick Laine, with Shirley Henderson (Shining Souls) playing Elizabeth Laine and Sam Reid playing Gene Laine.
The cast also includes Ron Cook, Debbie Kurup, Arinzé Kene, Bronagh Gallagher and Jim Norton.
Completing the cast will be Sheila Atim, Claudia Jolly, Kirsty Malpass, Tom Peters, Karl Queensborough, Michael Shaeffer, Jack Shalloo and Stanley Townsend.
The production will be designed by Rae Smith (War Horse) and orchestrations by Simon Hale.
Girl From the North Country will open at the Old Vic on 26 July, with previews from 10 July.