Trout, an outfielder for the Angels, removed himself from consideration early Sunday, saying he likes to watch from the sideline. Tigers first baseman Cabrera echoed those sentiments after Sunday night's loss.
"I'm going to enjoy watching," Cabrera said, according to The Detroit News.
Cabrera was asked to participate by American League captain Jose Bautista but turned him down, saying he didn't want to "mess" with his swing.
"I've got enough issues," Cabrera, who's batting .255 with 15 RBIs in his past 25 games, told reporters.
Cabrera participated in 2006 and 2010. He and Trout have finished 1-2 in the past two MVP votes.
Stanton told ESPN.com in late June that taking part in the Derby would be "fun."
"I was unfortunate in 2012. I was, what, half a day from being in one? So it would be fun to get my second chance at it," he said.
The Marlins slugger missed the 2012 Derby because of last-minute arthroscopic knee surgery, and he wasn't picked by last year's NL Derby captain, David Wright.
Cespedes, meanwhile, hopes to defend his title.
"I want to," he told the San Francisco Chronicle a couple of weeks ago. "It's my choice."
The Home Run Derby is July 14 at Target Field in Minneapolis, followed the next day by the All-Star Game.
ESPN.com's Jayson Stark contributed to this report.