The new lottery will be launched this October – in Germany and eight other European countries, says Der Spiegel this weekend.
A shot at the prize will cost two euros, while the numbers will be drawn each Saturday, offering at least €10 million each week.
The huge jackpot is expected every second year, say planners from the statutory German lottery society.
WestLotto, the North Rhine-Westphalia statutory lottery society, has already applied to the state interior ministry for a license to run the new lottery, while experts suggest an answer should be forthcoming by early summer.
Critics say the plans are irresponsible, encouraging more people to gamble their money against enormous odds.
Winfried Wortmann, manager of WestLotto said such fears were groundless, and said his customers were kept away from more dangerous games in the internet.