The ongoing legal battle doesn't appear to have had much of an effect on Qualcomm's bottom line, but a settlement could be material in several ways, he said. Depending on the agreement, Qualcomm might receive or have to make a one-time payment.

The deal could also have bearing on products that are in the works and that could affect future contracts and outlook, Sideco said.

A settlement, regardless of the details, also should be generally good for the mobile industry, he said. "From a big-picture standpoint, having these things settled gives a feeling of stability back and allows them both to move forward with their strategies," Sideco said.

For the past couple years, it has appeared that Qualcomm has been fighting a losing battle against Broadcom. At one point, the U.S. International Trade Commission barred the importation of certain Qualcomm chips for infringing on a Broadcom patent. Then a judge ordered an ethics investigation into Qualcomm lawyers after finding that the company had intentionally withheld tens of thousands of important documents in a case involving Broadcom. Qualcomm has also been found in contempt of an injunction preventing it from selling and supporting certain products that rely on Broadcom technology.