"It's no secret how much he has wanted this job in the past and how much he loves this club, so I'm very happy to bring him into our family at Oldham Athletic". "But now I feel, I hope, the time is right to give it a go and hopefully we can be successful together".
However, an English Football League meeting held on Friday confirmed that he was cleared of any such conflict of interest, and could take over the management of the Latics.
"It is great that Paul is back in football and everyone at the club wishes him all the best in his new venture into football management".
"There's obviously been three or four times over the last six years where [managing Oldham] could have happened and I've not been quite ready, " Scholes said.
Giggs is coach of Wales, Butt heads the United academy, Phil Neville leads the England women's team and Gary Neville had a brief stint in charge of Valencia between spells as England men's team assistant coach.