For several years, the two chip makers have been embroiled in acrimonious patent battles.

The settlement would cover all disputes between the companies and, if completed, would have an impact on Qualcomm's financial results, the company said in a statement. Qualcomm warned that there are no assurances the companies will come to an agreement.

Not counting the potential impact of such an agreement, revenue and operating income for the second quarter met or exceeded earlier guidance, Qualcomm said. It will release earnings and host a conference call about financial results on Monday.

While the announcement was issued by Qualcomm, it said that neither company would comment further.

It's hard to predict which company might emerge the winner in a settlement, said Francis Sideco, an analyst at iSuppli. "One thing I'm pretty confident about is that whatever comes out, both companies are going to spin it ... to make sure they come out looking like they won," he said.