Oh, I definitely don't see him getting CL offers. I meant pretty much the same as what you said, in terms of lesser teams in the EPL. Villa, Sunderland and Everton were actually the three that first came to mind. Or possibly Roma, but I am not familiar enough with their squad to know if he'd be a legit fit there (only considering the American owner angle).
If Moyes were still at Everton, that'd be my guess, but as you mentioned the Martinez factor -- both in the fact that he has no ties with him, and the formation issues -- would cloud that. Assuming Everton predominately goes with three CBs and plays Coleman and Baines as wingbacks, I'd figure their first IX would be:
----------Alcatraz/Heitinga ---------Jags --------Distin
Coleman------------------------------------------------Baines
-----------------------Gibson/Osman---------Fellaini
------Mirallas-----------------------------------------Piennar
-------------------------------Kone/Jelvaic/Anichebe
In that type of formation, Donovan could provide cover at both wings, striker, and behind the striker if he chose to play one of the center-mids in a more attacking role. He'd be an Everton type of player (i.e. no transfer fee since they are broke), but he would also essentially be a squad player.
I have to admit I'm curious to see if he can carry his Gold Cup form back to MLS and the WCQ matches.