Apple is in advanced talks to buy chipmaker Intel Corp's smartphone-modem chip business, the Wall Street Journal reported Monday, citing people familiar with the matter.

Assuming talks don't fall apart, the deal, valued at one billion U.S. dollars or more which includes a portfolio of patents and staff could be reached in the next week, according to the WSJ.

Intel announced it would exit the 5G modem chip business in April, hours after Apple settled a longstanding legal dispute with Qualcomm, a key supplier of iPhone modem chips.

The battle between Apple and Qualcomm was around the royalty payment issue of modems that connect smartphones to telecommunications networks.

Although Intel had said it has no plans to launch 5G smartphone modem products, including those previously set to premiere in 2020, the company CEO Bob Swan said in a statement that 5G would continue to be a strategic priority across Intel.

The Journal had reported in the same month that Intel was exploring a sale for its modem chip business to Apple or another acquirer, but talks with Apple proved the company to be the most logical-buyer.

Apple introduced Intel's modems in some of its iPhones but also used Qualcomm chips by 2016 and 2017. The lawsuit against Qualcomm filed in early 2017 caused their business relationship to change "in a very profound and negative manner," leading to using only Intel's modems for the phones released last year.

Before Apple and Qualcomm reconciled with each other, the iPhone maker had once alleged they've also considered MediaTek and Samsung, one of its largest rivals in the smartphone market, to supply the chips for the next generation of wireless networks known as 5G in case not to fall far behind its rivials.

Shares of Intel rose 1.5 percent to 52.10 U.S. dollars, while those of Apple were up marginally in extended trading. Qualcomm’s shares were down about two percent on the report.

Intel is expected to report second-quarter results Thursday, while Apple is scheduled to report its third-quarter earnings on July 30.

(With input from Reuters)