With Intel’s market cap hovering around $93 billion, the deal for the chipmaker would rank among the largest in tech industry history if it actually happens.

Chip designer Qualcomm reportedly approached Intel in recent days about a takeover of the beleaguered chipmaker in what would be one of the biggest tech deals ever.

According to The Wall Street Journal, which cited people familiar with the matter, a deal for Intel is far from certain. The Journal said the deal was sure to attract regulatory scrutiny if a deal came together. The Journal also said Qualcomm could possibly sell assets or parts of Intel to other buyers.

A spokesperson for Intel declined to comment on the news. CRN has reached out to Qualcomm for comment.

Santa Clara, Calif.-based Intel has lost more than 50 percent of its market value so far this year as it’s been dealing with major competition from rivals amid a surge of demand for AI. Intel’s market valuation stood at $93 billion on Friday, while San Diego, Calif.-based Qualcomm’s market cap was $188 billion. At the same time, Intel’s chief AI chip rival Nvidia has seen its market valuation soar to $2.85 trillion as of Friday.

In August, Intel said that it would embark on a $10 billion cost-cutting plan that would result in 15,000 jobs being cut.

On Monday, Intel CEO Pat Gelsinger outlined a flurry of changes and wins at the company, including plans to turn its contract chip manufacturing business into an independent subsidiary.

If Qualcomm does announce a deal to buy Intel, it would be the largest tech acquisition ever, overtaking Dell Technologies’ $67 billion 2016 deal for EMC and Microsoft’s 2022 $68.7 billion deal for Activision Blizzard.

There are no words to describe the impact of such an acquisition if it happens, said Erik Stromquist, chairman of CTL, a Portland, Ore.-based custom system builder and longtime Intel channel partner.

“I don’t know how to even digest that transaction,” Stromquist told CRN. “There are no words to describe the impact to our industry. As a loyal Intel customer for a long time, I think it would take some time to digest what it means. I think if it gives Intel a new trajectory and a new strategic vision, then I’m for it. I just want to make sure the channel is a consideration, but I don’t think we’re strongly a consideration for Intel anymore.”

Stromquist said industry watchers in general would have concerns about Intel’s commitments if a deal happens.

“I mean commitment to product roadmaps, commitment to long-term company sustainability, and commitment to supporting the channel itself versus the multinationals,” he said. “Intel’s been a core ingredient for the channel. They’ve been our sun. Assuming this deal goes through, then I would hope that the channel continues to be a focus for Qualcomm in supporting people that use Intel technology.”

Stromquist said CTL has looked at working with Qualcomm in the past. “If this deal goes through, we would look forward to working with Qualcomm,” he said.