Royle, 60, took temporary charge at Boundary Park in March following the departure of John Sheridan.
Watersheddings was the home until 1997 of Oldham Roughyeds rugby league club, who now groundshare at Boundary Park.
Oldham defender Reuben Hazell has signed a new contract keeping him at Boundary Park until the summer of 2009.
But he turned down the offer of a new contract at Boundary Park.
Former Darlington boss Penney has endured a tough season at Boundary Park, with the side currently lying just four points clear of the relegation places.
Opened in 1904, Boundary Park currently has a capacity of 13, 264.
Pearson is a graduate of Oldham's youth set-up but only made one first-team appearance for the Boundary Park club, as substitute against Millwall in February 2007.
But former Oldham striker Ritchie admits many supporters still hope for a repeat of Oldham's halcyon days, when he starred up front in the top-flight at Boundary Park.
On Tuesday, former Everton boss Royle announced he was to leave Boundary Park after failing to win in eight games in his second spell in charge of the club.
In his 608 games in charge at Boundary Park, Royle guided Athletic to two FA Cup semi-finals, a League Cup final and the top flight for the first time in 68 years.
The club has also been facing falling home attendances, with a season low of 2, 833 turning up to watch the side's 3-2 defeat by Brentford in March, while just 4, 225 people attended the side's last home game at Boundary Park, which Oldham drew 2-2 with Southend.
And in June 2012, a mountain ranger working for the national park authority came across evidence of panda feeding sites within the boundary of the park.
But in 1988, he and other firefighters had been brought in from Hawaii to fight the Clover Mist Fire, which was burning on the park's eastern boundary.
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