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There are probably faster ways but I'm..
1) creating a new image (CTRL+N) - white background - that would be 250x250 px image
2) CTRL+A to mark all, CTRL+C to copy
3) going back to orginal image, CTRL+V to paste
4) using any of the keypad keys (1-9) to quickly change opacity of automatically created layer
5) pressing V to activate 'move tool' and moving the layer to the the requested area
6) selecting my 250x250 layer by clicking CTRL + mouse button on the layer in the layer list (right bottom), changing active layer to the orginal image (the lower one)
7) then again CTRL+C, CTRL+N and finally CTRL+V & CTRL+S or CTRL+ALT+SHIFT+S
Sounds complicated but it really takes only few seconds
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