Murray is seeing his best season and will travel to the upcoming Beijing Games with a renewed conviction in his game with his first career Masters title.
Murray, who rose to a career-best sixth in the world on Monday, will compete in the men's singles and doubles with his borther Jamie in the Olympic Games.
Federer is still suffering the most heartbreaking setback in the past five years, bowing out of the quarterfinals of the Cincinnati event after losing to big-serving Croat Ivo Karlovic.
Federer, who will be celebrating his 27th birthday on the day of the ceremony, will lead his country at the opening of the Beijing Olympics.
"It is a true honor for me to lead the Swiss athletes into the stadium, carrying the Swiss flag," Federer said on his official website.
"I have had the privilege to experience many wonderful things. The Olympics are and will always be one of the best.
Federer came into the Athens Games as a heavy gold medal favorite but suffered an upset against Czech Republic's Tomas Berdych in the second round.
He also participated in the Sydney Games where he met his girlfriend Mirka Vavrinec and claimed the fourth place.
Except the Serbian duo, the Russian women's contingent will also be eyeing the gold medal at the Games.
Russia has just suffered a major setback as the world number four Maria Sharapova has announced withdrawal due to shoulder injury, but they still boast the best women's line-up in the world featuring Svetlana Kuznetsova, Dinara Safina, Elena Dementieva and Vera Zvonareva.
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