Hingis, 31, is understood to be partnering Federer in mixed doubles here and also participate in the first staging of a veterans' event for women.
Hingis, winner of five majors including the 1997 and 1999 Melbourne Park titles, has not contested a major tournament since the 2007 US Open.
If Hingis were to partner Federer in mixed doubles in Melbourne their Olympic stock would be enhanced, Herald Sun reported.
Apart from Hingis, the winners of the past four women singles majors - Kim Clijsters, Li Na, Petra Kvitova and Sam Stosur - as well as Serena and Venus Williams are expected to fill in their entries.
The Australian Open men's title will be celebrating its 100th edition, but officials chose remained tightlipped about the presence of a "special guest".
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