Qualcomm is reportedly in the final stages of negotiations to acquire NXP Semiconductors NV and the two chipmakers may announce a deal as early as next week, according Bloomberg.

Qualcomm is close to wrapping up a review of NXP’s finances and worldwide operations, the report says, with theannouncement to be expected as soon as NXP’s quarterly earnings report, which is set for Oct. 26, or may be delayed until Qualcomm reports results on Nov. 2.

The purchase would be the largest transaction in the history of the semiconductor industry. Qualcomm is trying to reduce its dependence on the slowing smartphone market and find ways to sell its modems and processors for other applications, such as cars, one of NXP’s strengths.

NXP has a market value of about $34.7 billion. On Firday, CNBC reported that Qualcomm has already agreed to buy NXP Semiconductors NV for $110 a share.

NXP supplies a set of industries with chips, some of which are analog, and manufactures them itself. On the other hand, Qualcomm has always outsourced production.

Representatives from both companies declined to comment.