The Swiss pair linked up in 2001 to claim the Hopman Cup and 16-time Grand Slam champion Federer would be keen on a reunion should he decide to take part in the mixed doubles.
Hingis, 30, retired from tennis in 2007 but Federer believes that they could form a strong team.
"If I played mixed doubles with anyone it would be Hingis just because she's an amazing player," said the 30-year-old.
"We had success at the Hopman Cup and we have played and practised together before.
"Even if she is retired, she might think about it at least. I approached her already a long time ago, and I guess she mentioned something to the press and it took a life of its own."
Federer also confirmed that he is considering playing singles and doubles at the Games, but has yet to make a final decision.