The 40-year-old has guided the Colts to victories in their past two matches, and has won all four of his starts for the club this season as Luck has been blighted with injury problems.
Despite Hasselbeck's success, the veteran has admitted that he will have no problem handing his starting place back over to Luck when he recovers from his rib injury.
"I know the truth, I know what reality is," Hasselbeck told reporters. "This is 100% Andrew Luck's team.
"Not only is he the quarterback of the future, he's been the quarterback of the past.
"He has earned every bit of respect that he gets in this locker room. Nothing has been given to him. It's his team. I think he and I are clear on that."
Hasselbeck has thrown for 1,023 yards and seven touchdowns to two interceptions.