Broadcom had made several efforts to buy the chip maker in recent months. All offers were rejected by Qualcomm, which said the bids undervalued the company.
The most recent offer, made in February, was over $121 billion.
The possible takeover raised security concerns and led to an investigation by the Committee on Foreign Investment in the U.S.
The takeover attempts coincided with changes in corporate leadership.
On Friday, Qualcomm announced executive Paul Jacobs -- the son of Qualcomm founder Irwin Jacobs - "will no longer serve in an executive management capacity" but "will continue to serve on the Qualcomm Board."
If Broadcom had been allowed to buy Qualcomm, it would have made the Singapore-based firm the world’s third-largest chip company behind Intel and Samsung.
Any buyout would also have had a significant impact on San Diego's economy.