The former Leicester City striker has been missing from the first team for two months with a shoulder problem sustained in training.
Manager Malky Mackay has confirmed that Waghorn is set to be included in his squad for the trip to face Bolton at the weekend.
He said: "There won't be any fresh faces arriving in time for the weekend and we're going to take a couple of our younger players with us but we will be going with as strong a squad as we can.
"Martyn Waghorn should make the squad, which is really good. He hasn't been available to me since I have been at the club.
"Maybe Don Cowie will be back involved in the squad. He had a tightness in his groin last week.
"Where we have lost Callum McManaman through suspension and Roger Espinoza leaving the squad, it is nice to hopefully bring Waghorn and Cowie back into the group."
With the Latics struggling in the league and with limited forward options the return of Waghorn will be a timely boost for Mackay.