The pyramid is said to belong to Queen Sesheshet, the mother of King Teti who ruled from 2323 to 2291 B.C. and was the founder of the 6th Dynasty of Egypt's Old Kingdom.
"The only queen whose pyramid is missing is Sesheshet, which is why I am sure it belonged to her," Hawass told Reuters. "This will enrich our knowledge about the Old Kingdom."
Hawass' team has been excavating the site for two years. He says the discovery was only made two months ago when it became clear that the 16-foot-tall structure uncovered from the sand was a pyramid.
"This may be the most complete subsidiary pyramid ever found at Saqqara," Hawass said.
Hawass says the new pyramid is the 118th discovered so far in Egypt.