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Gelsinger, once thought a potential successor to Intel CEO Paul Otellini, is leaving Intel after 30 years to become president and chief operating officer of EMC Information Infrastructure Products.
He is now said to be among candidates likely to take over from EMC chairman and chief executive Joe Tucci, according to the Financial Times.
Intel said three senior executives will be made responsible for manufacturing and design.
The company also plans to consolidate all large product divisions into a new Intel architecture group under executive vice-presidents Sean Maloney and Dadi Perlmutter.
Executive vice-president Andy Bryant will take overall charge of Intel's global technology and manufacturing group.