Story is one of Major League Baseball's top hitting shortstops, blasting 143 home runs since 2016. He has hit nine home runs so far this season.
The two-time Silver Slugger said he confided in Charlie Blackmon, who participated in the 2017 Home Run Derby, before making his decision.
The 28-year-old is the fourth player to confirm his participation in the event, joining Los Angeles Angels phenom Shohei Ohtani, Baltimore Orioles slugger Trey Mancini and defending champion Pete Alonso of the New York Mets.
New York Yankees stars Aaron Judge and Gary Sanchez, San Diego Padres shortstop Fernando Tatis Jr. and Toronto Blue Jays first baseman Vladimir Guerrero Jr. have already announced they will not compete in this year's event for various reasons.
There will be four more spots to fill on the Home Run Derby roster before it takes place in two weeks.