Defender Reuben Hazell received his fifth booking of the season in last weekend's 2-2 draw at Wycombe.
He now serves a one-match ban and his absence is another blow to a Latics squad still missing several players through injury.
With Andy Holdsworth out long-term having undergone surgery on his knee, Oldham could be without up to five first-team defenders for Tranmere's visit.
Defensive trio Joe Jacobson (calf), Kelvin Lomax (groin) and Paul Black (groin) may also miss out along with striker Keigan Parker (illness).
However, Penney could have winger Chris Taylor and striker Pawel Abbott available.
Taylor has been missing for the past month with a hamstring problem and Abbott has been missing since the start of November after a hernia operation.
Rovers boss Les Parry is boosted by the return of defender Marlon Broomes.
The experienced centre-back missed last weekend's 2-0 home over Bristol Rovers as he was serving a one-match ban.
He may be forced to settle for a place on the bench after Ash Taylor impressed alongside Ian Goodison at the heart of the defence against the Pirates.
Striker Bas Savage (Achilles) and midfielder Alan Mahon (ankle) remain sidelined but Parry has no other worries as his side seek to maintain their rich run of form.
Rovers have lost only one of their last seven outings and Parry said: "Oldham are five points ahead of us and it would be nice if we could reduce that to two points."
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