Not if you take the stuff PEDcquiao is on. Manny has not only gotten bigger, he's gotten faster. But then Nonito might not pass the self-imposed all year testing.
The highest i can see him going is 130/135. If he can be competitive depends on the quality of those divisions when he gets there. Even at 122 he has tough fights where he has a big chance of losing specially against Rigo but also guys like Nishioka,Mares and Moreno then at 126 theres Gamboa(if hes still there which i doubt) Salido,Garcia and Russell Jr. If he fights all those guys and wins he would go down as one of the best fighters of his generation.