Broadcom is talking with advisers about a potential deal, which would be the biggest ever takeover of a chipmaker.
Bloomberg, which was the first to report the news, said Broadcom has yet to make a final decision on the move.
Qualcomm declined to comment, while Broadcom did not immediately respond to a request for comment.
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Shares of Broadcom closed up 5.5% Friday after the report, while Qualcomm's stock surged 12.7%. The company already lists San Jose, California, as a corporate co-headquarters. Broadcom, created in 2016 when Avago Technologies Ltd. acquired Broadcom Corp. for $37 billion, has built itself from a former Hewlett Packard division into one of the largest chipmakers via a string of purchases. Regulators are still reviewing Qualcomm's $38.1 billion proposed acquisition of NXP Semiconductors for $38.1 billion.
Stockholders could be the reason for this jump in the price but the reason why they might be going through with this plan is that Qualcomm is now in a legal dispute with Apple, who has been a long-term client of the chipmaker for its modem business.
It is also possible that Broadcom wishes to purchase Qualcomm so that the legal battle with Apple draws to a close and because the chipset manufacturer could eventually become an industry arm of Apple's supplier. Broadcom also supplies is a major supplier of parts for Apple's iPhone, and new management might be better positioned to resolve the dispute, Bloomberg noted. Qualcomm is looking to complete a $40 billion acquisition of NXP Semiconductors, while Broadcom has a $5.5 billion offer for Brocade Communications that it is waiting to complete.
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Trump has also been critical lately of the USA justice system, saying it takes too long to punish criminals. Among them were video clips showing ISIS prisoners being beheaded, run over by a tank and shot in the face.
Both firms have been in the news the last few days.
The news came a day after Broadcom chief executive Hock Tan appeared at the White House with President Donald Trump to announce plans to move the tech company back to the United States from Singapore.
"These companies are leaders in those areas but there are other companies supplying them", said Mr Lineback, who added that asset sales in those areas, if needed to address antitrust concerns, would not affect the value of the deal.
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