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.