Reports also revealed that his chances of been appointed the manager of the club was threatened by his affiliation with another lower league side Salford City.
Oldham sacked Frankie Bunn in December and academy coach Pete Wild was put in temporary charge of the team.
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Scholes will be in the dugout for his first game in charge tomorrow night (Tuesday 12th February 2019) at home to Yeovil Town.
Sky Sports further reports that the only restriction to the 44-year-old is he will not be allowed to sign players from, or sell to, Salford City.
Speaking about the appointment, Lemsagam said: "Paul has won everything there is to win in football".
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'He is a man who will bring a lot of footballing knowledge and his hunger to succeed in management will be there for everyone to see.
Salford, expectedly, will join League Two (where Oldham plays) next season and there were initial fears of conflict of interests.
"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".
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Scholes, a member of Manchester United's famed "Class of '92" alongside David Beckham and Ryan Giggs, said he wanted to entertain Oldham's fans.