(Updated - November 3, 2017 2:28 PM EDT)

Broadcom Ltd. (NASDAQ: AVGO) has talked to advisors about acquiring Qualcomm (NASDAQ: QCOM), Bloomberg reported.

Dow Jones confirmed the rumor and added that Broadcom could launch a bid this weekend.

Bloomberg later reported that the offer could value Qualcomm at $70 per share in a mix of cash and stock. The offer would value the company at $103 billion.

Qualcomm is currently in a deal to acquire NXP (NASDAQ: NXPI) and is in an ongoing legal fight with customer Apple (NASDAQ: AAPL).