One fund manager sees “more cons than pros” if the companies were to combine, after the Wall Street Journal reported that Qualcomm approached Intel about a possible deal.

Intel Corporation shares rise on reports of Qualcomm Incorporated takeover interest due to Intel's issues & restructuring. Click for more on the INTC and QCOM deal.

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.