The station is expected to be rebranded as Greatest Hits Radio.
Broadcasting to East Manchester, the station has been owned since January 2014 by Credible Media, who purchased the business and broadcast licences from DJ Steve Penk.
In 2017, Credible Media purchased the Oldham Evening Chronicle and its family of magazine publications.
With the sale of the radio station, Credible Media say it will now concentrate all its efforts into the publishing business.
Matt Ramsbottom, managing director of Credible Media says one of the options to be considered is the return of the Oldham Chronicle to a print format.
Mr Ramsbottom commented: “The radio station has been an exciting experience and is a viable business going forward, as evidenced by previous interest from buyers.
“This deal will allow us to concentrate all our considerable resources into the publishing business. We have exciting plans for the Oldham Evening Chronicle and our magazines, as well as developing our digital platforms further.
"We will remain at our headquarters here in Oldham and invest in securing the future of the Oldham Chronicle brand."