The Wall Street Journal reported Friday that San Diego-based wireless giant Qualcomm has approached Intel about a possible takeover of the ailing chip maker.

( MENAFN - Khaleej Times) Qualcomm has in recent days approached Intel to explore a potential Acquisition of the troubled chipmaker, a source familiar with the situation said on Friday, in what could be a transformational deal in the sector but faces many hurdles.

This is the chipmaker's second round of layoffs over the past year, while the company recorded billions in revenue.