Arm Holdings approached Intel about potentially acquiring the company’s product division but was told that the business is not for sale.

The British chip firm did not express interest in Intel’s manufacturing operations, the report added, citing a person familiar with the matter.

The report did not mention any financial details, nor did it say whether the talks are still ongoing or have been abandoned.

Arm and Intel declined to comment on the report.

Once the dominant force in chipmaking, Intel ceded its manufacturing edge to Taiwanese rival TSMC and failed to produce a widely desired chip for the generative AI boom capitalized on by Nvidia and AMD.

Qualcomm has also approached Intel to explore a potential acquisition of the troubled chipmaker.

Intel has been attempting to turn its business around by focusing on AI processors and creating a chip contract manufacturing business, known as a foundry.

The company plans to pause construction on factories in Poland and Germany, and reduce its real estate holdings.