AMD's woes are continuing today with news that the company has hired JP Morgan Chase to explore its options — one of which is a sale of the company. Reuters cited three sources "familiar with the situation" who say that a complete sale of the company is not a priority. Instead, other options like selling of its portfolio of patents may be more likely.

AMD has long been in a battle with Intel for desktop and laptop processor dominance, but with the rise of mobile computing and the ARM chips that power them, AMD has suffered greatly. Last month the company confirmed that it planned to lay off 15 percent of its workforce, and earnings have consistently been disappointing, with the company pulling in 25 percent less revenue year-over-year in the third quarter.

Update: Reuters has received a statement from AMD that denies the report.

"AMD's board and management believe that the strategy the company is currently pursuing to drive long-term growth by leveraging AMD's highly-differentiated technology assets is the right approach to enhance shareholder value."