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If you have $1 million to spend, and a very large plate of spaghetti, we have the perfect truffle for you. Sabatino Truffles just unearthed the largest white truffle on record in central Italy, weighing in at 4.16 pounds.

The company says it has already received offers of $1 million from buyers in China. But the company is auctioning it off this week in New York City to set the final price, and the proceeds will go to charity. White truffles are one of the rarest and most coveted food ingredients in the world, sniffed out by specially trained dogs in specific areas of Italy during the months of October, November and December. It's unclear, however, if the Sabatino truffle will really fetch $1 million. News reports say a 3.3-pound white truffle sold to top Asian casino owner Stanley Ho for $330,000 in 2007.

-- Robert Frank, CNBC