Intel Corp.’s on-again-off-again attempt to buy Altera Corp. is on the cusp of succeeding, as the chip maker prepares to announce the roughly $17 billion acquisition Monday, a move that would allow it to boost revenue and help defend a key business.

Altera ALTR, +3.12% stockholders will receive about $54 a share, people familiar with the matter said, around the price the company rejected in April in an earlier round of negotiations.