As reported first on Iron-Bru.net yesterday the Latics had offered Eyre a deal to stay at Boundary Park using money raised from the sale of striker Josh Low to third division Northampton Town.
During the close season Iron manager Brian Laws had admitted an interest in bringing the former fan favourite back to Glanford Park.
Our sister site, Oldham Athletic MAD, has hailed the signing as an end of the mass exodus of players from the second division club.
It says: "(Iain) Dowie will no doubt be delighted that he can now get on with his plans for building his team for the coming season."