The 38-year-old, a lifelong Oldham fan, was initially a 16/1 outsider for the vacancy after Paul Dickov stepped aside on Sunday.
However, Scholes' price has been continually slashed 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).
Alan Shearer has his badges, and has said he wants to be a manager ... but he has bottled it ever since that horror day at Villa Park 2009 when we were relegated.
He was Toon boss for eight games, and only won one of them (the 3-1 win over Boro when Steven Taylor, Oba Martins and Peter Lovenkrands scored).
His assistant that spell was Iain Dowie!
So could the pair link up again?
Personally I don't think we will ever see Shearer as a manager again.
Source: Newcastle United Mad