Intel (NASDAQ:INTC) and Taiwan Semiconductor Manufacturing (NYSE:TSM) have reached a preliminary agreement to form a joint venture to operate some of Intel's foundry facilities, according to a report by The Information.

TSMC would take a 20% stake in the new company, according to the report, which cited two people familiar with the situation. Intel, along with other unnamed U.S. semiconductor companies, would hold the majority of shares in the JV. In return for its stake, TSMC would provide training and insight into chipmaking techniques.

However, no final agreement has been reached, and some Intel executives have pushed back on the proposed JV, The Information reported.

Last month, investment firm Baird said it had heard discussions from the supply chain in Asia about a potential spin-off of Intel's foundry unit, with possible involvement by TSMC. 

"While there is no confirmation and potential completion of this project could be lengthy, we think this move makes sense, further building on Intel's prior CEO's focus on the company's core competency, manufacturing," Baird analyst Tristan Gerra wrote in a note to clients.

This followed a report from earlier in March that said TSMC had proposed a joint venture, in which it would operate Intel's factory, to several major U.S. chip manufacturers, including Nvidia (NVDA), AMD (AMD), and Broadcom (AVGO).

TSMC plans to invest $100B in new capital in the U.S. over the next four years as the company looks to boost its presence there.

TSMC declined to comment on the report. Seeking Alpha also reached out to Intel for comment.