The proposed offer is the largest deal ever in the tech industry, The Associated Press reports.
Qualcomm declined to comment, while Broadcom did not immediately respond to a request for comment.
Since publication Broadcom and Qualcomm have confirmed the offer, with Broadcom disclosing that the bid of $70 a share is made up of $60 cash and $10 in Broadcom shares. CEO Hock Tan last week, saying the company is likely to relocate its headquarters from Singapore to the United States.
The Financial Times is reporting that Broadcom is planning to acquire NXP, as well as Qualcomm.
President Trump Demands Death Sentence for New York Terrorist
But that avenue appeared closed after prosecutors brought terrorism charges against the Uzbek immigrant in federal court in NY . Trump tweeted. "There is also something appropriate about keeping him in the home of the frightful crime he committed".
Broadcom's acquisition would be the most ambitious move by Tan, who has turned a small, scrappy chipmaker into a $100-billion company with a string of deals, since he took the helm a decade ago.
Qualcomm is now trying to close its pending $38-billion acquisition of NXP Semiconductors, a leading supplier of chips for vehicles that is also expanding into self-driving technology, and it is believed that Broadcom is open to acquiring NXP.
Reports claim the merger between Broadcom and Qualcomm would create a company with a market capitalisation of more than $200 billion and would be one of the biggest takeovers in technology sector history. The forward price-to-earnings ratio for Broadcom recently stood at 14.6, slightly above its 13.5 average. In part this might be inspired by Qualcomm's pending release of the Centriq family of processors seeing as how Broadcom cancelled their ARM based server chip development earlier this year.
Broadcom said if the deal is approved, it expected a combined company to have revenues of about $51 billion.