Qualcomm had previously submitted a Dollars 44 billion bid for rivals NXP Semiconductors only to see the bid declined by Chinese regulators amid the escalating trade war between China and USA, making the company a victim of the dispute.
In discussions with Trump, "Xi also stated that he is open to approving the previously unapproved Qualcomm-NXP deal should it again be presented to him", the White House said on Saturday.
To put some context, Qualcomm had proposed a massive $44 Billion acquisition Dutch semiconductor maker NXP earlier in 2016.
According to Qualcomm, the deadline for any transaction has expired thus terminating any deal.
"Qualcomm considers the matter closed", a Qualcomm spokesman said.
However, the Chinese government's official statement, released following the talks, did not mention any discussion of the Qualcomm deal.
Qualcomm had to pay NXP a $2 billion (approximately Rs. 14,100 crores) fee to terminate the deal. Recently, United States President Donald Trump said that China is now willing to approve the deal.
Qualcomm has already embarked on a plan to return the money it would have used to fund the NXP purchase through a $30 billion stock repurchase plan and more than $20 billion in share buybacks.
China offered more than $1.2 trillion in additional commitments on trade at the Xi-Trump dinner, Treasury Secretary Steve Mnuchin said on Monday.
After the meeting, Trump said they had reached an "incredible deal".
China and the U.S. came to a limited agreement over the weekend concerning the ongoing trade war between the two countries.
Regulators in eight countries approved the deal, including in the USA and Europe. NXP CEO Richard Clemmer at the time said the lack of approval in China was a political decision and not a regulatory one.
Qualcomm upped its bid to $44 billion in February, only to scrap the deal in July after a regulatory deadline passed without approval from China's State Administration for Market Regulation (SAMR), which oversees antitrust regulation. NXP has also announced its own $5 billion (around Rs. 35,200 crores) share buyback program.