Bloomberg News first reported the deal, saying an unsolicited bid could be for around $70 a share.
As for Broadcom, its CEO Hock Tan has a huge appetite when it comes to acquisitions and states that he is interested in more deals, which could be halted thanks to the intervention of US regulators since Qualcomm is a USA -based technology company.
No final decisions have been made and there is no guarantee a deal will go ahead.
Qualcomm shares rose as much as 19 percent in NY in their biggest intraday move since October 2008. Broadcom's stock rose 4% to $271.09 a share.
Five years ago, when smartphone demand was soaring, Qualcomm briefly overtook Intel in market value. A subsequent report in the Wall Street Journal said the bid could come as early as this weekend.
A Qualcomm representative declined comment. Broadcom, created in 2016 when Avago Technologies Ltd. acquired then-Broadcom Corp. for $37 billion, has built itself from a former division of Hewlett Packard into one of the industry's largest chipmakers via a string of purchases.
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At issue are the licensing fees that Qualcomm charges for patents that cover the basics of how mobile phone systems work.
Stock of San Diego-based Qualcomm jumped 12.7 percent to close at $61.81.
The reports came one day after Tan held a news conference with President Trump to announce that Broadcom, now based in Singapore with a primary US office in San Jose, plans to move its corporate domicile to the United States.
This comes at a time when Qualcomm itself is trying to complete a $47 billion purchase of NXP Semiconductors.
If it happens, it would be the largest takeover of a chip firm. It has faced regulatory scrutiny in Europe, and some shareholders such as activist hedge fund Elliott Management Corp. have said the deal undervalues NXP, a large maker of automotive and other chips.