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A deal could be unveiled as soon as this week assuming the talks do not fall apart, the report said, citing people familiar with the matter.
Intel (NASDAQ:INTC) and Tower Semiconductor did not immediately respond to Reuters requests for comment.
U.S.-listed shares of Tower Semiconductor, which specializes in making analog integrated circuits, soared nearly 53% in extended trading while Intel was down 0.8%.
Intel said last month it would invest up to $100 billion to build potentially the world’s largest chip-making complex in Ohio, looking to boost capacity as a global shortage of semiconductors affects everything from smartphones to cars.
The move was part of Chief Executive Officer Pat Gelsinger’s strategy to restore Intel’s dominance in chip-making and reduce America’s reliance on Asian manufacturing hubs, which have a tight hold on the market.
