Qualcomm reportedly contacted Intel this week to discuss options for a takeover, which, if the deal goes through, would be the largest technology merger ever.

The Wall Street Journal reports that Qualcomm is interested in acquiring Intel. Contact was sought this week to explore the possibilities. In the hours following the news, Intel’s share price shot up eight percent. Qualcomm’s fell four percent.

If the deal goes ahead, it would be the largest technology deal of all time. Intel currently has a market value of $96 billion. A deal of this size will certainly be viewed with suspicion. If it ever goes ahead, it will need to be approved by regulators around the world.

In 2017, then-US President Trump blocked a takeover of Qualcomm by Broadcom. The deal was worth 100 billion US dollars, but fell through.

Intel is in a bind today. This week a palace coup was announced with a chip factory spin-off, a delay to European chip factories and the only positive news, and the only positive news is a bespoke chip deal with AWS. This seems to wake up the sleeping giant, but now there is a buyer lurking in Qualcomm.

The timing is no coincidence. Due to the bad news surrounding Intel in recent months, the share price has experienced an unprecedented crash. While it was still trading at $34 at the end of July, the stock is now worth $21. It’s time for Qualcomm to have a conversation.

It goes without saying that neither Intel nor Qualcomm will confirm this news anytime soon. We will also have to wait and see if the Wall Street Journal report is accurate. If so, then a gigantic technology deal is on the horizon.