The 14th charity auction closes at 7:30 p.m. Pacific time and raises money for Glide, a San Francisco anti-poverty nonprofit.
The auction got off to a strong start earlier this week, but as of Friday it's still nowhere near the record $3.5 million one anonymous winner bid last year.
Buffett, however, may see some consolation in that his companionship is at least worth more than that of Apple Inc.'s chief executive, Tim Cook. A similar auction to have coffee with Cook was won for $610,000 in May.
The winning bidder in Buffett's auction will be able to invite seven guests to dine at the Smith & Wollensky steakhouse in New York, where a filet mignon is priced at $40 a plate.
Earlier this week, a previous auction winner told Bloomberg News he believed this year's auction would set a new record. After all, Buffett is now 82 and he expects there will be fewer opportunities in the future to break bread with the Oracle of Omaha.