The league said Saturday that Lundqvist will join the team captained by Ottawa's Daniel Alfredsson, a fellow Swede.
Lupul and Lundqvist will help in selecting the teams during the player fantasy draft on Jan. 26. They also will assist in setting the rosters and lineups for the All-Star skills competition on Jan. 28 and the All-Star Game the following day.
Entering Saturday, Lupul was fourth among NHL scorers with 51 points in 46 games in his eighth NHL season.
Lundqvist had a 1.93 goals-against average and a .936 save percentage with 20 wins and four shutouts in 34 appearances for the first-place Rangers.