Arm Holdings Plc approached Intel Corp. about potentially buying the ailing chipmaker’s product division, only to be told that the business isn’t for sale, according to a person with direct knowledge of the matter.

Intel's fortunes have declined so rapidly over the past year that UK-based chip designer ARM inquired about buying its crown jewel product unit.

Business outlet Bloomberg reckons that Arm knocked on Intel's door offering to buy the product half of the company. In other words, the bit of the company that designs the chips and not the foundry or manufacturing facilities.