Broadcom is talking with advisors about a potential deal, which would be the biggest ever takeover of a chipmaker.
Bloomberg News first reported the deal, saying an unsolicited bid could be for around $70 a share. That would give Qualcomm a market value of $103.2 billion. The deal price was later confirmed by sources of CNBC.
Dow Jones reported Broadcom plans to make a bid for Qualcomm as early as this weekend.
Shares of Broadcom closed up 5.5 percent Friday after the report, while Qualcomm's stock surged 12.7 percent.
Broadcom did not immediately respond to a request for comment. A spokesperson for Qualcomm had no comment.