The 40-year-old Hasselbeck will become the oldest quarterback to start an NFL game since Brett Favre (41) in 2010, according to ESPN Stats & Information.
Luck had not missed a single snap because of an injury in his four seasons in the NFL. The last game he missed with an injury was the 2009 Sun Bowl while at Stanford, because of a broken finger.
A source told ESPN's Adam Schefter that Luck had an MRI earlier this week that revealed a bruise. A source had told Schefter earlier Sunday that the team's decision was "trending" toward allowing Luck to play.
Luck, who injured his shoulder against the Tennessee Titans in Week 3, was limited in practice Wednesday and Thursday. Coach Chuck Pagano said the quarterback was limited again Friday. Luck was not on the field during the time the media was allowed to watch practice.
ESPN's Chris Mortensen and Mike Wells contributed to this report.