According to sources familiar with the matter, Qualcomm (NASDAQ: QCOM) is likely to wait until after the U.S. presidential election in November before deciding whether to pursue a takeover bid for Intel (NASDAQ: INTC), Bloomberg reports.

The San Diego-based company is reportedly seeking more clarity on the incoming U.S. administration before making a move, as any potential acquisition would face antitrust scrutiny from multiple governments, particularly amid rising tensions between the U.S. and China.

Sources also indicated that Qualcomm may opt to wait until January, after the inauguration of the new president, due to the complexities involved in a potential deal with Intel.

The merger between Qualcomm and Intel, whose products are critical to the digitalization of everyday technologies like smartphones and electric vehicles, would likely attract close scrutiny from antitrust regulators in the U.S. and globally, including China—a key market for both companies.

In September, Qualcomm reportedly had preliminary talks with financially troubled Intel regarding a potential acquisition. That same month, Qualcomm informally reached out to Chinese antitrust regulators to gauge their stance on any potential deal. However, no formal feedback has been received from Chinese authorities, who are waiting to see if Qualcomm makes an official bid.

Intel is a cornerstone of the U.S. government's efforts to revive domestic semiconductor manufacturing, making political support for any deal crucial. The Biden administration has emphasized the importance of its chip policy from a national security perspective. If Intel proceeds with all its planned factory expansions, it stands to receive the largest allocation of funds under the CHIPS and Science Act of 2022.

Qualcomm has been in discussions with U.S. regulators and is confident that the merger could alleviate any concerns. Analysts also predict that Intel's third-quarter earnings report later this month, if it mirrors the disappointing results from the previous quarter, could lower Qualcomm's acquisition cost significantly.

It remains unclear whether Qualcomm will ultimately pursue the acquisition, and timelines may shift, according to sources.