A government panel reviewing Broadcom’s $117 billion bid for Qualcomm has warned that it may refer the potential deal to President Trump for rejection, further dimming the prospects for what would be the biggest technology takeover in history.

In a letter to the two companies on Sunday, the panel, the Committee on Foreign Investment in the United States, said that it believed the offer by Broadcom posed national security concerns. Broadcom is currently headquartered in Singapore, but is in the process of relocating its legal base to the United States to allay those issues.

The threat by the panel, known as Cfius, could stop in its tracks Broadcom’s monthslong quest to buy its fellow chip maker. Cfius already ordered a one-month delay of Qualcomm’s annual shareholders’ meeting, where Broadcom had been expected to win at least some seats on Qualcomm’s board, if not a majority.

Under Mr. Trump, several deals involving foreign buyers have been squelched after a Cfius review, including Moneygram’s sale to an affiliate of the Alibaba Group and Lattice Semiconductor’s sale to an investment firm with reported ties to the Chinese government.