Intel is reportedly close to finalize an investment plan to struggling Sharp Corp., as the Japanese company seeks to improve its financial standing.

Kyodo News on Tuesday cited sources close to the matter and reported that Intel's investment in Sharp could be as high as 30 billion to 40 billion yen ($377.5 - 503.3 million).

A possible investment plan would give Sharp a new client for its displays aimed at mobile devices and ultrabooks.

The report added that Sharp had been also in talks with Qualcomm Inc. on a capital and business tie-up.

The report follows another one that surfaced online last month, although that one had been described as "untruth" by the Osaka-based company.

Sharp boasts a high level of technology in the latest small- and medium-sized LCD panels and smartphones. It's technology portfolio includes the IGZO displays, which consumes much less power than conventional LCD displays, they are thinner, they have a highly-sensitive touch screen, and boast very high definition. Sharp recently unveiled plans to accelerate production of IGZO panels at its Kameyama No.2 plant.

Sharp is in the midst of a restructuring and facing $5.6 billion in losses this fiscal year. Earlier this month the company warned that it may not survive if it can't turn around its business or secure outside investment.

The Osaka-based company is also in ongoing negotiations with Foxconn parent Hon Hai, after an investment deal agreed to earlier this year was shelved when Sharp's stock price plunged.