And the former Premiership striker has set himself a target of 15 goals this season.
Former West Brom and Coventry star Hughes has joined the Latics after serving half of a six-year sentence for a death crash.
He could make his long-awaited debut sooner rather than later, with misfiring Oldham having failed to score in their last three outings.
Sheridan said: "I will take a look at Lee in training this week and then decide."
But Hughes arrives at Boundary Park with an impressive scoring record. The Birmingham-born player began his career with Kidderminster Harriers and switched to West Brom after hitting 34 goals in one season.
He repeated the feat at Championship level and has only once failed to make double figures in a season.
Hughes, who once commanded a £5m fee, insisted: "I'm fitter now than when I went inside and I'm itching to get back on the pitch. It has been a long time coming."
Knack
The 31-year-old, who has signed a two-year deal, added: "There are definitely a lot more goals in the bag. You never lose the knack of scoring.
"I have been brought in to do that and I've set myself a target of 15 goals. Hopefully, I can reach that.
"There are going to be a lot of difficult things lying ahead for me, I know that, but I am up for the challenge."
Sheridan said: "I am delighted to have Lee on board. If he is anything like he was a few years ago then he will be a big asset for us."
Oldham have, meanwhile, been rocked by yet another setback after 18-year-old striker Deane Smalley damaged medial knee ligaments in Tuesday night's Carling Cup KO by Burnley. He will be out for up to six weeks.
Smalley joins long-term victims Neil Wood, Stefan Stam and Lewis Alessandra.
Aussie international Neil Kilkenny will be missing for three weeks, and midfield partner Mark Allott - out for the last two games with a thigh strain - is touch-and-go for Saturday's trip to Hartlepool. Tweet

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