The 21-year-old, a product of the Boundary Park youth system, has made 70 appearances for Latics since making his debut against Huddersfield in 2008.
Black has not featured for Paul Dickov's side since suffering a serious hamstring injury against MK Dons in February.
Boss Dickov told Oldham's official website: "Unfortunately we couldn't guarantee Paul regular first-team football next season.
"In view of that, we thought it was in the best interests of both parties that he moves on.
"I will be sad to lose Paul because he is a great kid and his attitude has been fantastic."
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