Hingis, a three-time winner of the women's singles at Melbourne Park, also won four women's doubles titles and the mixed doubles title with Mahesh Bhupathi in 2006.
The 34-year-old Swiss returned to top class tennis as a doubles specialist two years ago in her second comeback after injury and then a ban for a positive test for cocaine, which she denied taking, forced her into retirement.
Hingis, who made the U.S. Open final last year with Flavia Pennetta but lost to Ekaterina Makarova and Elena Vesnina, first played at Melbourne Park 20 years ago.
The 41-year-old Paes won the mixed double titles with Martina Navratilova, who watched the final on Rod Laver Arena and was thanked by Hingis afterwards, at Melbourne Park in 2003.
It was the first time the pair, who were seeded seventh, had played together at a grand slam.
(Reporting by Greg Stutchbury; Editing by Amlan Chakraborty)
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