Sources told ESPN that Anthony accepted the invite from NBA commissioner Adam Silver earlier in the day, after Silver offered him the spot on the Eastern Conference roster.
This will mark Anthony's 10th All-Star nod.
The 13-year veteran had planned a vacation with family before receiving the invite from Silver.
"It means a lot," Anthony said. "Don't get me wrong, it's still an honor to be named to the All-Star team, to go out there and represent despite everything that's been going on, that's surrounding us, that's surrounding me, that's surrounding our organization. To still go out there and represent not just the organization but New York City as a whole, it's still an honor to do that."
Love had surgery to remove loose bodies in his left knee on Tuesday and will miss six to eight weeks.
Anthony and Love have been the subject of recent trade rumors and media reports.
Among other scenarios, the reports stated the Knicks have actively sought to acquire Love in a trade for Anthony before the Feb. 23 trade deadline.
ESPN's Ian Begley contributed to this report.