This will be the first senior managerial role of Scholes' career with a club he supported as a child.
Scholes, 44, has been appointed the new manager of his hometown club after signing a one-and-a-half year deal.
The former Premier League club are languishing in mid-table in League Two, the fourth tier of the English game.
Oldham owner Abdallah Lemsagam said: "Paul has won everything there is to win in football".
An EFL board meeting decided last week there was not a conflict of interests because of Scholes' 10 per cent stake in Salford City who, despite playing in the National League, are fighting for promotion to League Two.
The law guiding the league says anyone with conflict of interest will not be allowed to take any role, and since the former midfielder keeps ten percent of shares at Salford, it became hard.
"It wasn't something I was quite ready to do and there's obviously been three or four times over the last six years where it could have happened and I've not been quite ready".