Chinese authorities are set to approve Qualcomm Inc.’s planned $44 billion acquisition of Netherlands-based NXP Semiconductors NV in the next few days, according to people familiar with the matter, in what would be another significant step toward easing frayed U.S.-China trade relations.

China’s State Administration for Market Regulation, which has been conducting the antitrust review, will hold a meeting on the matter Monday, according to the people. They said a contingent of Qualcomm’s legal team arrived in Beijing this...