There's been a lot of weird rumors going on lately about Buakaw fighting Manny Pacquiao and also with Somrak Khamsing calling Buakaw out, speculation of a fight between them was ignited. Obviously, they seemed unlikely to happen in the first place, but now there's really some official confirmation regarding this.
Sport Art Co. Ltd., who also happen to be the organizers of Thai Fight, have all rights regarding the matchmaking of Buakaw until December 31 of this year. Anyone that wants to set up a fight outside of Thai Fight with Buakaw still has to go through Sport Art Co. Ltd. Here's an excerpt explaining the matter:
"In addition, Sport Art Co.'s key policy is for Buakaw to act as an ambassador for muay thai to popularise the sport around the world, as he is well-known internationally. Therefore, Buakaw will fight only against foreign opponents & not Thai opponents. As such, a fight with Somrak Kamsing, the 39-year-old former Olympic gold medalist who recently issued Buakaw a challenge in the news, is impossible. Thai Fight also thinks that it is improper for them to fight, as regardless of whether Buakaw wins or loses, it will be not be good for his image.
As for news reports claiming that Buakaw will fight Manny Pacquiao in a Western-style boxing match on 21 December 2012 in Thailand, Sport Art Co., which has the full power to decide who Buakaw fights until the end of 2012, had never known about this proposed fight before. In any case, Sport Art Co. thinks that the chances of it happening are close to nil. This is because Manny is scheduled to fight with Marquez on 8 December 2012, & Buakaw is required to fight in the final round of Thai Fight 2012 on 16 December 2012. Buakaw will violate the Boxing Act if he takes part in a fight less than 15 days after his previous one." [source]