Trout, who has 20 home runs and 63 RBIs, said he was asked to take part in the Derby but has elected not to do so. He was also picked as a starting outfielder on the AL squad Sunday.
"I just want to be able to go and enjoy it," Trout said. "I always had fun watching it, growing up as a kid watching it on TV, and being able to sit on the sidelines is pretty cool."
Trout, 22, has 82 career home runs in 418 games. This season, he has posted career highs in slugging percentage (.606) and OPS (1.007). Trout leads the AL in OPS and is second in slugging.
As recently as Monday, Trout said that he had not been asked to do the Derby and said he had "mixed feelings."
"I want to do it, and I don't want to do it," Trout said Monday.
The Angels have had two previous winners in the Home Run Derby (Vladimir Guerrero in 2007 and Garret Anderson in '03), but they will not add a third this year with Trout's absence.