The winner, whose identity was not disclosed, will be flown to Boston on Kraft's private jet and taken to the Gillette Stadium, where he will receive the customised ring from the Patriots owner.
The ring contains 283 diamonds as a tribute to New England's comeback win against Atlanta Falcons in which Kraft's side overcame a 28-3 deficit before clinching a 34-28 overtime victory in 2017.
Bidding for the ring began at $75,000 but crossed the $1 million mark with over nine days remaining in the auction.
"What could I do that would be special?" Kraft said while putting the ring up for auction.
"I thought about what is going on at this time and wanted to give something of extreme value... So I thought it would be good to give this ring, our fifth Super Bowl win, because it showed how we came back."
The 'All In Challenge' has raised over $45 million as of Friday. (Reporting by Arvind Sriram in Bengaluru, editing by Pritha Sarkar)