Qualcomm is in talks to buy NXP Semiconductors, according to The Wall Street Journal, in a deal that could be valued at over $30 billion.
The deal is expected to close in the next two to three months, according to the report, which cited people familiar with the matter.
Like with all deal talks, Qualcomm or NXP could pull out at any point.
The semi-conductor industry has seen an influx in mergers and acquisitions, including Avago Technologies' $37 billion purchase of Broadcom, Intel's $17 billion acquisition of Altera, and Western Digital's $16 billion acquisition of SanDisk.
Qualcomm could be looking to continue the consolidation, though the semi-conductor giant is said to be exploring other options as well.
Shares of NXP Semiconductors halted following the report after moving higher. Shares of Qualcomm climbed roughly 17 percent.
We have reached out to Qualcomm and NXP Semiconductors for more.