The holder of the winning ticket could opt for the cash value of $327 million.
However, the jackpot could still go even higher, since ticket sales normally pick up in the days before high-dollar drawings.
The jackpot is the largest ever for the Powerball game and the second largest lottery jackpot of all time, eclipsed only by the $656 million Mega Millions record set in March.
On Monday, NJ Lottery officials announced that two tickets worth $1,000,000 were sold in the Garden State for the Saturday night drawing.
One of those tickets was sold in Cape May County at Blitz's Market at 104 S. Main Street in Cape May Court House. Officials have not yet released the winner's name but did say she made contact with lottery officials.
The other ticket was sold in Essex County at Ferry 99 Cents at 334 Ferry Street in Newark.
The previous top Powerball prize was $365 million, won in 2006 by ConAgra Foods Workers in Lincoln, Neb.
Recent Powerball winners include an Iowa couple that won a whopping $202 million on Sept. 26.
A week later, a Delaware resident picked all six numbers for a $50 million payday.
Pennsylvania Lottery officials encouraged people to buy tickets early to avoid any last-minute rushes.
The Powerball numbers for Saturday were 22-32-37-44-50, and the Powerball was 34.
Watch the Powerball drawing Wednesday night live on Action News at 11.