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.

While Qualcomm's approach raises the prospect of others entering the fray, at least one large rival is opting to sit on the sidelines for now

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