Oglesby, who missed the first 12 games of the season with a broken foot, is expected to make his season debut Sunday when Iowa (10-2) wraps up nonconference play against Arkansas-Pine Bluff (2-8).
"I look at him as one of our better players," coach Fran McCaffery said. "He can pass, he can defend. He doesn't turn it over, he's experienced and he happens to make some jump shots. Whatever we need to do with him, we'll do with him. He's ready."
As a freshman two years ago, Oglesby was one of the Hawkeyes' best outside shooters at 37.2 percent from beyond the arc. However, after his 3-point shooting dipped to 26.9 percent last season, doubts were cast about his future role with Iowa.
But McCaffery remains optimistic that Oglesby can play key minutes for a team in line to compete for a Big Ten title.
"The thing about Josh is, he just really knows how to play," McCaffrey said. "And when you put a guy on the floor who is 6-foot-6, is tough, who can make shots and can handle the ball and knows what to do ... those guys help you win."
Many of Ogelsby's reserve minutes have gone this season to freshman Peter Jok, who's averaged 7.8 points in just 14.4 minutes a game. Jok and sophomore combo guard Anthony Clemmons have served as the primary backups.
"It's going to be hard to figure because 11 is harder than 10," McCaffery said. "Those three guys can help us win games, and we'll rotate them accordingly."
The Associated Press contributed to this report.