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Apollo Global Management Inc. has offered to make a multibillion-dollar investment in Intel Corp., people familiar with the matter said, providing the chipmaker with a vote of confidence in its turnaround strategy and an alternative to a potential takeover by larger rival Qualcomm Inc.

The alternative asset manager has indicated in recent days that it would be willing to make an equity-like investment in Intel of as much as $5 billion, one of the people said, asking not to be identified discussing confidential information.

The development comes after San Diego-based Qualcomm floated a friendly takeover of Intel, which has been working to reinvent itself amid the most difficult period in its 56-year history. Qualcomm’s move has raised the prospect of one of the biggest-ever M&A deals, as well as other bidders entering the fray. Broadcom Inc., at least for now, is on the sidelines.