UPDATE 3-Qualcomm receives warning from Japan regulator

* Regulator eyes license terms with Japan handset makers

* Qualcomm says will respond to draft order

* Qualcomm shares close down 1.84 pct on Nasdaq (Adds regulator, source comments)

TOKYO/NEW YORK, July 28 (Reuters) - Japan's antitrust regulator has sent Qualcomm Inc (QCOM.O: Quote, Profile, Research) a draft order saying that it illegally pressured Japanese handset makers into unfair licensing agreements, two sources familiar with the matter said.

Japan's Fair Trade Commission (FTC) is probing the wireless chip and technology developer's cross-licensing agreements with handset makers such as NEC Corp (6701.T: Quote, Profile, Research), Panasonic Corp (6752.T: Quote, Profile, Research) and Sharp Corp (6753.T: Quote, Profile, Research), the sources said on Tuesday.

"Japanese handset makers have no choice but to use Qualcomm's chips and they swallow demands granting Qualcomm free access to patents," said one source, who asked not to be named before an official announcement by the watchdog.

"The probe involves Qualcomm's agreements with all Japan's handset makers."

The draft order comes on the heels of a roughly $200 million fine from the Korea Fair Trade Commission last week.

Qualcomm said that it had received a draft order from Japan's FTC but that it could not comment in detail until it had a full translation of the Japanese document.