While a 5G version of the Snapdragon 865 was already known to be coming, a 4G version would lower the cost of the processor in regions that don't yet have access to 5G networks.
Qualcomm's current-generation Snapdragon 855 processors already power 5G smartphones such as the Samsung Galaxy S10, but these phones use a separate 5G modem.
The Snapdragon 865 would integrate a 5G modem into the CPU itself, providing more space for smartphone makers to add other hardware and features.
An official announcement by Qualcomm regarding a possible 4G version of the Snapdragon 865 will reportedly take place later this year.
Last month, Qualcomm settled a dispute with Apple and signed a multi-year contract with the US tech company, meaning that Apple smartphones will use Qualcomm processors in the future.