Archaeologists believe this is the podium of Herod's tomb
After a search of more than 30 years, Ehud Netzer of the Hebrew University says he has located the tomb at Herodium, a site south of Jerusalem.
Herod was noted in the New Testament for his Massacre of the Innocents.
Told of Jesus' birth, Herod ordered all children under two in Bethlehem to be killed, the Gospel of Matthew said.
According to the New Testament, Jesus' father Joseph was warned of the threat in a dream and fled with his wife and child to Egypt.
"When I realised it was the tomb there was great happiness," said Prof Netzer, who has worked at the Herodium site since 1972.
"Everyone has an interest in the Holy Land and Herod's tomb is part of that story."
It was an ancient staircase built for Herod's funeral procession - described in detail by First Century historian Josephus Flavius - that led Prof Netzer's team to the hill-top burial site.
"The monumental stairs were built specifically for the funeral," Prof Netzer said.
At the site, archaeologists found a smashed limestone sarcophagus that, when whole, would have been around 2.5m (8ft) long.
Ornate rosette decorations on the fragments alerted the team to the coffin's significance.
No bones were found at the site. Prof Netzer said that they had likely been removed by Jewish rebels who fought against Rome between 66 and 72 AD.
If the find is confirmed, this will rank as a major archaeological discovery, BBC Jerusalem correspondent Tim Franks says.
Experts have always believed that Herod was buried somewhere within the palace complex he had constructed on a flattened hilltop in the Judean desert, but they had repeatedly struggled to find any evidence to back up their theories.
Herod was appointed "King of the Jews" by the Roman authorities and ruled Judea from 37 BC until his death in around 4 BC.
He is known for his expansion of the Second Jewish Temple and the construction of walls around the Old City of Jerusalem.
He also built the fortress of Masada, which became the last stand of Jewish rebels in 73 AD.