Contemporary club which is now called Oulun Palloseura dates back to 2006, when a third-tier club called FC Dreeverit was cleared to use the name OPS-jp. Next year the competition spot went to a registered association called Oulun Palloseura - jalkapallo ry. and then in 2008 to Oulun jalkapallon tuki ry. which is founded by businessman Miika Juntunen.
In 2009 OPS-jp won the Group C of Kakkonen (the 3rd tier) and was promoted to Ykkönen. Since 2011 the club has been allowed to use the original name of Oulun Palloseura.