Qualcomm Inc. has approached Intel Corp. to discuss a potential acquisition of the struggling chipmaker, a person with knowledge of the matter said, raising the prospect of one of the biggest-ever M&A deals.

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.

Qualcomm approached Intel about a takeover in recent days, the Wall Street Journal reported on Friday, citing people familiar with the matter. Intel shares rose 8% on the report. The deal, if it were to happen,