Baxter, 21, left the Toffees in September having joined them as a six-year-old.
"I love the club. When I see Everton fans crammed into Boundary Park I will clap them, because they were so supportive of me. I am looking forward to seeing them this weekend," he told Everton's official website.
"Loads of my mates from Bootle and around Merseyside will be in with the away fans. It makes me smile to think they will be there - and obviously it's another incentive to perform well."
Oldham take on Everton at Boundary Park on Saturday evening.