Henrique is suffering from a sore groin and Larsson a sore wrist. Both players spoke to Devils general manager Lou Lamoriello and informed him of their decisions.
Lamoriello was understanding and respected the decision of both Devils.
"I commend having a young player make a decision like that," Lamoriello said.
Hagelin, a Connecticut Whale call-up earlier this season, has played in 29 games for the Rangers so far, with 8 goals and 8 assists.
He is currently a plus-13 and has lately been paired on the first line with Marian Gaborik and Derek Stepan.
Hagelin was drafted in the sixth round (No.168) of the 2007 Entry Draft.
Four players of the New York Rangers will now attend the NHL All-Star Game weekend: goalie Henrik Lundqvist, defenseman Dan Girardi and wingers Gaborik and Hagelin.
Rangers head coach John Tortorella was also selected to be an assistant coach for the All-Star game.
It will be Hagelin and Girardi's first All-Star game appearance, and Tortorella's first All-Star coaching opportunity.