I don't think these guys will ever meet. JML is moving up to 130 soon and his frame is huge even for that weight so moving up to 135 is a definite possibility.
Donaire should stay and cleanup 118 IMO. A looot of fights could be made here, we have the showtime bantamweight tourney and there's also Anselmo Moreno. Donaire is clearly a cut above all them all but it should provide is with some very entertaining fights.
Plus.... staying at 118 should provide enough time to build up hype for a possible fight with Rigo.