Qualcomm plans to reject rival Broadcom's $103 billion bid as early as this week, setting the stage for one of the biggest-ever takeover battles.

According to Reuters, Qualcomm is poised to rebuff the bid as insufficient, although it may decide to spend a few more days this week to prepare its full response to Broadcom.

Qualcomm Chief Executive Steven Mollenkopf feels that Broadcom's $70-per-share bid undervalues the company and does not price in the uncertainty associated with getting the deal approved by regulators, according to the report.

Broadcom CEO Hock Tan has stated he is open to launching a takeover battle.

Qualcomm is engaged in a patent infringement dispute with Apple and is also trying to close its $38 billion acquisition of automotive chipmaker NXP Semiconductors NV after signing a deal in October 2016. Broadcom has indicated it is willing to acquire Qualcomm irrespective of whether it closes the NXP deal.