Arm Holdings reached out to Intel regarding a possible acquisition of its product division, but was informed that the division is not available for sale, according to a report from Bloomberg News on Thursday.

The British semiconductor company did not show interest in Intel's manufacturing capabilities, as noted by a source familiar with the situation.

The report did not provide any financial specifics or clarify whether discussions are still active or have been discontinued.

Both Arm and Intel have chosen not to comment on the report.

Once a leader in chip production, Intel has lost its manufacturing advantage to Taiwanese competitor TSMC and has struggled to deliver a highly sought-after chip for the generative AI market, which has been successfully leveraged by Nvidia and AMD.

Earlier this month, Reuters reported that Qualcomm also approached Intel to discuss a potential acquisition of the struggling chipmaker, which could represent a significant shift in the industry.

Intel is working to revitalize its business by concentrating on AI processors and establishing a chip contract manufacturing division, referred to as a foundry.

The company intends to halt construction on its factories in Poland and Germany and is looking to downsize its real estate portfolio.