Donaire is seeking to take two titles from the 31-year-old Montiel who holds the World Boxing Council and World Boxing Organization belts.
Las Vegas oddmakers have tabbed Donaire as the favourite to win in the first 118-pound main event on HBO television in four years.
Montiel has been a world champion since 1999 and has a record of 44-2-2 with 34 knockouts.
Montiel is only the fourth Mexican boxer to capture world titles in three different divisions, next to his idol and the legendary Julio Caesar Chavez.
Donaire (25-1, 17 KOs) comes from General Santos City - the same hometown as Manny Pacquiao. He beat Ukrainian Wladimiro Sidorenko in his last fight to extend his win streak to 24 fights.
The 28-year-old former world flyweight champion, who is comfortable throwing punches with either hand, wobbled Sidorenko just 75 seconds into the fight with a powerful right and the stinging left hook combination.
His resume also includes a 2007 win over dual Aussie/Armenian champion Vic Darchinyan.
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