The Manchester United legend, a fan of the League One club, was spoken to at an undisclosed location in the town yesterday.
Scholes met officials from the League One side on Wednesday morning to discuss the possibility of replacing John Sheridan, who was sacked last month.
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Scholes won 11 Premier League titles, three FA Cups, two League Cups, five Community Shields and two Champions Leagues. The club will decide whether to appoint him or Scholes in the next couple of days.
"They are a really good family club who mean a great deal to a lot of people - myself included".
Richie Wellens is the caretaker boss and is also a candidate for the full-time role. "I just did not feel this was the right time".
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Paul Scholes hosted training session for the club's youth team past year while working towards his UEFA coaching badges and has never hidden his love for the Latics.
Oldham are now 19th in League One and have Irish players Paul Green and Eoin Doyle on their books.
The 42-year-old has since been working as a TV pundit, is a co-owner of Salford City, and has coached at Man Utd, although while he may be a high-profile name it's important to remember that he has zero managerial experience.
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