Qualcomm's chips and patents affect nearly every smartphone model in the world, and Broadcom is offering $70 a share, which is a 28pc premium on Qualcomm's closing stock price last Thursday (2 November) according to a report in The New York Times.
Japanese telecoms firm SoftBank has already agreed a deal to buy British semiconductor firm Arm, while Intel bought Altera, and Qualcomm has agreed a deal for NXP.
Communications chipmaker Broadcom Ltd on Monday said it offered to buy smartphone chip supplier Qualcomm Inc for $70 per share or $103 billion in cash and stock, in what would be the biggest technology acquisition ever.
Broadcom is offering a combination cash-and-stock deal of $70 per share.
Shares of Broadcom have rallied this year while Qualcomm has fallen, making the target more vulnerable. Qualcomm apparently isn't happy with the offer, with Bloomberg saying that Qualcomm thinks the deal "undervalues the company".
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The bid comes as Broadcom plans to move its headquarters to the United States from Singapore.
That will help it avoid a cumbersome federal review process for a $5.5 billion deal for USA network provider Brocade Communications Systems. NXP is one of the largest makers of chips for vehicles and expanding into self-driving technology, and Broadcom also is open to acquiring NXP, according to one of the sources.
Qualcomm's share price rose as much as 14 per cent when the news broke. The statement said that there would be no further comment from the company until the assessment was completed.
Broadcom president and CEO Hock Tan called the proposal "compelling for stockholders and stakeholders in both companies", and claims a deal would position the combined company as "a global communications leader". Broadcom primarily focusses on Wi-Fi and Bluetooth chips.