In a statement, the NHL promised to return to Atlanta as soon as possible.
"We apologise to the fans, to the city of Atlanta, to the Thrashers and to all those who already have devoted so much effort to planning this important hockey celebration," Frank Supovitz, NHL vice-president of events and entertainment, said in a statement.
"All-Star Weekend is an opportunity to showcase a great sport and a great city."
The announcement came a day after an NHL Players' Association (NHLPA) meeting in Toronto, where the players underlined their refusal to give into owners' demands for a salary cap.
Owners locked out players on September 16 after the two sides failed to reach a new collective bargaining agreement.
As the lockout enters its 49th day, 438 games have been canceled with no further talks scheduled.
The two sides have not met since the NHLPA presented its last offer to the owners on September 9.
