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.

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

Qualcomm recently approached Intel to explore a potential acquisition of the troubled chipmaker, a source familiar with the situation said, in what could be a transformational deal in the sector but faces many hurdles.