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.

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.

Qualcomm is reportedly in early talks for a potential acquisition of Intel, valued at $122 billion. Despite Intel’s declining performance, Qualcomm believes an all-American merger might ease antitrust concerns.