Pujols leads the American League with 23 home runs and tops the Angels with 48 RBIs. He has competed in the Home Run Derby three times, finishing fourth in 2009, third in '07 and second in '03. The 2015 Home Run Derby will be held on July 13 at Great American Ballpark in Cincinnati.
Pujols said he would participate in the event for a final time so his two sons and father can watch.
"And I think it would be the last one,” Pujols said, according to MLB.com. “Like I told you last year, I won't do it if I'm not at the [All-Star] Game. If that happens, I think I'm all for it.”
The 35-year-old Pujols has not made an All-Star team since 2010, when he was a member of the St. Louis Cardinals. Pujols is currently fifth in the latest AL All-Star balloting, released Monday. He still could be selected for the team as a reserve.
Angels teammate Mike Trout, who is second in the AL with 20 home runs, said he has not decided whether or not to participate.
"I'm not trying to think about it right now," Trout said. "I'll think about it closer to the time."
This year, MLB overhauled the Home Run Derby format. Eight players will now be a single-elimination tournament where each batter has five minutes to hit as many home runs as possible, with bonus time that can be earned based on home run distances.
- Scooby Axson