One analyst notes that Intel’s situation doesn’t seem dire enough for the company to settle for a “fire sale.” Plus, Qualcomm could see Intel’s foundry assets as a headache.

Asset manager Apollo has reportedly offered to invest up to $5 billion in Intel, as rival chipmaker Qualcomm also eyes a takeover of the struggling semiconductor giant.

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