The deal - potentially the largest ever in tech and made a week ago - was unanimously rejected by Qualcomm's board because the offer "dramatically undervalues Qualcomm" and also faces "significant regulatory uncertainty".
Qualcomm also said in a statement that the bid did not take into account the regulatory hurdles involved in securing such a colossal deal.
Qualcomm, which makes the Snapdragon chips found in smartphones and tablets, is the world's No. 3 chip supplier, according to research firm Gartner, trailing Intel and Samsung.
Meanwhile, Qualcomm is trying to acquire NXP for $38 billion but NXPs shareholders are reluctant. CEO Hock Tan last week, saying the company is likely to relocate its headquarters from Singapore to the United States. Its own board similarly thinks that the offer undervalues the company and NXPs shares were trading above Qualcomms offer.
The deadline is December 8 for Broadcom to submit a slate of alternative candidates to Qualcomm's 11-member board of directors to push the deal through.
Meanwhile, Broadcom's shares have surged almost 50 percent in the past 12 months as it completed the Broadcom/Avago Technologies acquisition, paid down debt and increased revenue and profitability.
Neither company has commented on the report, but it wouldn't be shocking if Qualcomm held out.
The company's shares closed at $64.57 on Friday.