The ex-West Ham player was sacked by the Latics in December 2013 only for the Crown Prosecution Service to drop their investigation earlier this month.
Now the Colombian winger, 23, intends to sue Oldham, claiming that his former club "turned against" him.
Oldham have so far refused to comment on Montano's claims.
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MK Dons manager Karl Robinson has confirmed Newcastle United are among a number of clubs to express interest in young midfielder Dele Alli.
According to reports, the Tyneside out are the favourites to sign the 18-year-old prodigy, who has 12 goals this season.
But Robinson expects the England Under-19 international to return to Stadium MK on loan if a deal is completed.
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Walsall ended their 127-year Wembley wait as they reached the Johnstone's Paint Trophy final following a 0-0 draw with Preston.
The Saddlers, who have never been to Wembley in their history, edged through 2-0 on aggregate on Tuesday night.
The final whistle sparked a pitch invasion from the home fans and the Saddlers will face either Bristol City or Gillingham in March's final.
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Mauro Milanese has left his post as sporting director at League One side Leyton Orient after six months in the role.
The 43-year-old joined the O's in the summer following Francesco Becchetti's takeover of the east London club.
Milanese had an eight-game spell as Orient boss earlier this season, winning two games while in charge.
He reverted to the role of sporting director following the appointment of Fabio Liverani as manager in December.
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Doncaster Rovers have signed Watford striker Uche Ikpeazu on loan until the end of the season after the Championship side recalled him from Crewe.
The 19-year-old agreed a deal to remain with the Railwaymen on Monday, but was recalled the following day to enable the Doncaster move to go ahead.
Ikpeazu scored two goals in eight appearances for the Gresty Road side this season.
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Colchester United have signed defender Jamie Harney on a free transfer from West Ham.
The 18-year-old, who has made one substitute appearance for the U's since joining on loan in November, has signed a deal until 2016.
Harney has been is capped at age group levels up to U21 by Northern Ireland.