According to the Wall Street Journal the move would come as Intel looks to expand its manufacturing capabilities.
The tech giant is currently looking to invest $100 billion in the US with plans to spend significant amounts across four states in order to increase its number of manufacturing plants as it looks to catch up with chipmaking rival TSMC.
Intel and Apollo are in exclusive talks over the deal, which could be signed in the coming weeks, the report said.
Intel had been in talks with other investment firms including KKR and the infrastructure investor Stonepeak, but Apollo now appears to be its partner of choice.
Intel’s second-quarter revenue and profit forecasts were below market estimates last month due to weak demand for its traditional data centre and personal computing chips.
In 2022, the company announced plans to build chip factories in Ireland and France as it seeks to benefit from easier European Commission funding rules and subsidies.