The pair have had a stormy relationship and they virtually ruled out teaming up for the Olympics after criticising each other following the successful defence of their Asian Games doubles title in December.
However, Bhupathi said on Wednesday the former world number one pair should play together to give India the best shot at a medal. They lost the bronze medal playoff at Athens in 2004.
"I definitely should (play with Paes) if we're to have the best chance," he said while announcing a junior tennis scheme.
"We should shut our mouths and play tennis," he said. "Going by today's ranking, we have the best chance of a medal."
The pair nicknamed "Indian Express", who won three of their four doubles grand slam titles together, split on the tour after a high of reaching the final of all four majors in 1999, winning two of them.
Beijing is considered the final chance for Bhupathi (32) and Paes (33) to claim Olympic glory. Paes won a bronze medal in the singles at the 1996 Atlanta Games.