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.

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.

This is the chipmaker's second round of layoffs over the past year, while the company recorded billions in revenue.