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.

Qualcomm Inc has approached Intel Corp for a potential acquisition, aiming to buy the entire company or parts of it. The move comes as Intel faces significant challenges and declining share prices. Qualcomm's proposal is under regulatory scrutiny,

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.