Qualcomm Inc. has approached Intel Corp. to discuss a potential acquisition of the struggling chipmaker, people with knowledge of the matter said, raising the prospect of one of the biggest-ever M&A deals.

The chipmaker Qualcomm has approached its rival Intel in recent days about the possibility of acquiring the slumping Silicon Valley giant, two people familiar with the matter said Friday, requesting anonymity because the talks were confidential.

Even with the recent decline in the chipmaker’s stock price, a Qualcomm takeover could still mark one of the largest tech industry acquisitions ever. Intel has a market capitalization of over $93 million. The chipmaker generated $54.2 billion in revenue during the 2023 fiscal year, about $18 billion more than Qualcomm.