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.

Chipmaker Qualcomm is trying to buy rival Intel, according to multiple reports. The Wall Street Journal broke the news late Friday that Qualcomm had approached Intel about a takeover. Once the industry leader,

Qualcomm recently approached Intel to explore a potential acquisition of the troubled chipmaker, a source familiar with the situation said, in what could be a transformational deal in the sector but faces many hurdles.