According to a report on FoxSports.com, which cited anonymous sources, Jeter will not be attending the festivities because of "emotional and physical exhaustion" from his pursuit of 3,000 hits.
A source familiar with Jeter's thinking told ESPNNewYork.com's Andrew Marchand that Jeter "couldn't win" either way, but thought it would be best for his second half if he rested during the break.
"I've been lying to you guys for a long time saying I wasn't nervous," Jeter said on Saturday afternoon after reaching the milestone at Yankee Stadium. "I wasn't nervous and there is no pressure. There was a lot of pressure to do it here."
Jeter, who was picked by the fans as the American League's starting shortstop, missed 18 games after being placed on the disabled list with a strained right calf.
He backed out of the All-Star Game on Thursday prior to becoming the 28th member of major league baseball's 3,000-hit club in order to rest and gear up for the second half, but in six games since coming off the DL the 37-year-old has hit .370.
On the season, Jeter is hitting .270 with three home runs and 24 RBIs.
On Saturday afternoon, he became just the second player in MLB history to homer for his 3,000th hit. That same game, Jeter capped off a 5-for-5 performance with an eighth-inning RBI single that broke a 4-all tie and gave the Yankees a 5-4 win over the Tampa Bay Rays.
"To be honest with you, I was pretty relieved," Jeter said.
Jeter's agent, Casey Close, declined comment when asked about his client's participation.
Left-hander CC Sabathia was a late addition to the team, but couldn't pitch because he threw a complete-game shutout on Sunday afternoon.
Sabathia had already planned a vacation to the Bahamas with his family anyway, so he opted to take that instead of going to the All-Star Game.
The Yankees will be represented Tuesday night by center fielder Curtis Granderson, second baseman Robinson Cano, catcher Russell Martin and right-handed reliever David Robertson, who like Sabathia, was a late addition to the roster.
Mike Mazzeo is a regular contributor to ESPNNewYork.com. Information from ESPNNewYork.com's Andrew Marchand was used in this report.