The 38-year-old, a lifelong Oldham fan, was initially a 16/1 outsider for the vacancy after Paul Dickov stepped aside on Sunday afternoon as the Latics' poor league form continued with defeat at Walsall on Saturday.
However, Scholes' price has been continually slashed on Monday following a series of significant wagers on the former England international taking up the post.
Salford-born Scholes, who came out of retirement last season to renew his playing career at his only club, leads the betting market ahead of former Latics managers Iain Dowie (9/2) and John Sheridan (13/2).
Sky Bet football trader Chris Spicer said: "We initially made Scholes available to back as a sort of novelty option, but within 24 hours he's received the most interest.
"Oldham is a club known to be close to his heart, so if he was to receive a player-manager offer then perhaps he might find it too hard to turn down."
Meanwhile, former Hull City manager Phil Brown, the early favourite for the Boundary Park role, has drifted from 6/5 to 8/1 with the online bookmaker.
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