British number one Murray will be looking to recover from his Wimbledon final loss to Roger Federer less than a month ago by standing on the top of the podium at the same venue at the end of the Games.
His route to success remains blocked with Federer and Novak Djokovic both competing, but Hewitt believes Murray has just as good a chance of taking the top prize.
'At the moment, those three guys are on form and how they have been playing in the last three or four years means they are worthy favourites for the medals,' the 31-year-old said.
'He got upset early in Beijing in 2008 which was disappointing, and he has a tough first round, so he's got to be ready. It's a tough situation at home, but it's something he will be ready for.'
Should Hewitt emerge from his opening rounds - he takes on Sergiy Stakhovsky first - then a meeting with Djokovic is likely to be on the cards.
On his own chances Hewitt said 'Although my five-set record is as good as anyone's, on grass, you can get in a bit of a shoot-out and anything can happen against a Federer, Djokovic or Murray'.