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.

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.

It seems that Qualcomm sees Intel’s struggling business as a potential opportunity. The San Diego-based chipmaker has reportedly expressed an interest in taking over Intel “in recent days,” according to a new report in The Wall Street Journal.