Qualcomm is reportedly taking a close look at Intel’s semiconductor design business, with the company’s executives possibly interested in buying it.

Intel’s fortunes continue to diminish as the company struggles to turn things around regain its former glory. Most recently, Intel announced layoffs of some 15,000 employees. The company’s situation has become dire enough that almost all options are being considered, including spinning off its foundry business and a possible sale of Altera, the company’s programmable chip unit.

According to Reuters, Qualcomm’s executives are looking at the possibility of acquiring the part of Intel responsible for client PC design, although they are investigating other Intel units as well. The outlet’s sources say Qualcomm has been quietly working on plans to purchase parts of Intel for months.

Intel says it has not been approached by Qualcomm, and a company spokesperson said the company is “deeply committed to our PC business.” Qualcomm declined to comment on Reuters’ story.

While it may be hard to imagine Intel selling off one of its core units, with the company’s fortunes continuing to deteriorate, the time may come when it has little choice. If that day comes, Qualcomm may be well-positioned to benefit from it.