Sportsmail understands the Manchester United legend, a fan of the League One club, was spoken to at an undisclosed location in the town this morning.
Another former United midfielder, Richie Wellens, is now interim manager and has spoken of his desire to take on the role full time having won all three matches in charge.
Oldham have been without a manager since John Sheridan left in September with the Latics bottom of League One.
Scholes grew up in the Oldham area and has been a regular at Boundary Park since retiring.
The Latics, who have won all of their three matches in all competitions under Wellens, are next up against Blackburn Rovers on Saturday.
A combination of the pair can not be ruled out, although Wellens is keen to carry on the work he feels he has already started. Scholes was offered the Oldham job in 2015, but the 42-year-old decided the time was not right.
Since calling time on a United career comprising 717 appearances and 155 goals, Scholes has worked as a television pundit and along with Ryan Giggs, Gary Neville, Phil Neville and Nicky Butt, owns a stake in non-league side Salford City. Rules state that a person may not have an association with two clubs, although permission can be sought.