Apple said it is not planning to make an offer for troubled silicon vendor Imagination Technologies, following reports that it was set to buy the company.

In a statement to the London Stock Exchange, Apple acknowledged it had “some discussions with Imagination”, but does not plan to make an offer at this stage.

Ars Technica initially said it was in “advanced talks” with the chipmaker, which is known for graphics technology used in Apple’s iPhone and iPad lines.

Apple is already a shareholder in Imagination, owning 8.5 per cent.

Imagination said its board “values Apple very highly as an important ongoing partner of the company”.

With Apple already designing much of the silicon for its products in-house, bolstering its graphics capabilities would be a logical next move – particularly as it is already familiar with Imagination’s offerings.

But according to the filing, such a move is off the cards, at least in the short term.

Last week Imagination announced plans to speed a restructuring effort as well as selling or closing some businesses, in order to cut its costs.

This will see a total of 350 job cuts, although it also noted it is looking to fill more than 50 roles in its graphics and multimedia unit, to “further strengthen this business”.

In February, the company said that “market conditions have not improved and the slowdown in the overall semiconductor sector has continued, reinforced by global uncertainty about future trading prospects with China”.

It also warned “the pace of deal closing is falling short of prior expectations”.