Apollo Global Management Inc. has offered to make a multibillion-dollar investment in Intel Corp., according to people familiar with the matter, in a move that would be a vote of confidence in the chipmaker’s turnaround strategy.

Apollo Global Management, a U.S.-based asset management company, is reportedly planning to invest $5 billion in Intel. The company wants to put in an equity-like investment in Intel, Bloomberg reported Sunday, citing a person in knowledge of the matter.