A downhole tool inflatable packer assembly includes an upper packer shoe having a bypass mandrel connected thereto. A packer mandrel adapter has an upper end connected to a lower end of the bypass mandrel. A mandrel cover tube extends downwardly from the packer mandrel adapter. A packer mandrel has an upper portion connected to the packer mandrel adapter. A flow connector and a lower packer adapter are connected in that order below the packer mandrel. A packer flow tube has an upper end received in the bypass mandrel and a lower end received in the flow connector. An inflatable bladder has an upper end connected to the upper packer shoe and a lower end connected to a floating packer shoe which slidably engages the mandrel cover tube. A central flow passage, a packer bypass passage, and an inflation passage are disposed in the packer assembly.