Taylor, who missed the defeat at Walsall because of illness, has a hamstring strain and his absence is a further blow to a Latics side already missing Pawel Abbott following the forward's hernia operation.
Penney captured Paul Heffernan on loan last week and the Doncaster striker should make his debut against the table-toppers.
Midfielder Rob Purdie, who joined the Latics in the summer on a free transfer from Darlington, is also set for his first game in Oldham colours after recovering from injury.
Reuben Hazell has been included in the squad but faces a late fitness test after coming off at half-time with a knock last week.
On-loan Crystal Palace defender Lee Hills serves the first of his three-match ban following his red card against Walsall.