Shares of Intel fell 1 percent in after-hours trade following the report, while Broadcom shares gained more than 6 percent. Qualcomm shares were little changed.
The news comes as Broadcom is aggressively pursuing its bid for Qualcomm. A successful deal would create a much larger competitor for Intel. If that seems likely, sources told the Journal that Intel would consider making an offer for Broadcom.
The people told the newspaper, however, that such an offer is not guaranteed. One source told the Journal that it would be unlikely.
A spokeswoman for Intel told CNBC that the company does not comment on deal chatter.
"That being said, we have made important acquisitions over the past 30 months — including Mobileye and Altera — and our focus is on integrating those acquisitions and making them successful for our customers and shareholders," she said in a statement.
Broadcom did not immediately respond to CNBC's request for comment.
On Tuesday, CNBC reported that Broadcom's bid for Qualcomm is in jeopardy and may have to abandon the deal for now and come back later.
The U.S. Treasury's Committee on Foreign Investment in the United States has raised concerns about Broadcom's pursuit, which is unprecedented for a deal that hasn't been formally announced or agreed to.
But people familiar with the matter told CNBC that Broadcom is not expected to drop its bid this month. Sources said the company will try to smoothe things over with regulators and address their concerns.
Regulators frequently ask for industry input when making a judgment on whether or not to approve a deal.
Tech giants like Microsoft and Google are also concerned about the deal, people familiar with the matter told CNBC. Sources said these companies are wary of Apple's potential sway over the deal as well as Broadcom's reputation for slashing costs and not investing in new technology.
— CNBC's Alex Sherman contributed to this report.