The on-loan Huddersfield midfielder has missed the last two games due to a thigh strain and could remain sidelined.
Penney is still missing a number of long-term injury absentees, including Andy Holdsworth, Rob Purdie and Jon Worthington
Millwall striker Jason Price's one-month loan with Oldham is set to finish after this weekend's game but an extension looks certain to be agreed early next week.
The Latics lie fourth bottom in League One and are facing the dismal prospect of a relegation dogfight unless results improve quickly.
Penney said: "We haven't looked like scoring enough goals and we need to put that right if we're going to start winning games."