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.

California-based Qualcomm proposed a friendly takeover for Intel in recent days, according to the people, who asked not to be identified discussing confidential information. The approach is for all of the chipmaker, though Qualcomm hasn't ruled out buying or selling parts of Intel in a combination.

It's uncertain whether the initial approach will lead to an agreement and any deal is likely to come under close antitrust scrutiny and take time to complete, the people said. Qualcomm has been speaking with U.S. regulators and believes an all-American combination could allay any concerns, they said.

While Gelsinger still believes the turnaround plan could be sufficient for Intel to remain an independent company, he is open to considering the merits of different transactions, the people said. Both companies will now assess various options with advisers, they said.

• Read More