Apple, previously one of Samsung's biggest clients, is expected to move its chip making business to the Taiwan Semiconductor Manufacturing Company, starting this year.
According to analysts who spoke to The Financial Times, the deal with Qualcomm will fill the gap left by the lost business from Apple.
Samsung's chip business made $10 billion (£7 billion) last year, according to analysts, and Apple accounted for over a sixth of that.
Samsung will be making the Snapdragon 820 processor, the latest model that replaces the 810. Qualcomm has been in trouble recently, as Apple smartphones - for which Apple make the chips - outsell others.