"Don't shake your head," he said. "Because there's a lot more to come."
He went on to wonder aloud whether the current champion Joey Chestnut would "swallow the competition". Other plays on words included the use of "chow hounds" and "pedigree".
He then told the audience he was being "perfectly frank" when he spoke about how much he "relished" the competition, before launching into an extraordinarily pun-filled sentence.
Speaking about the current male and female champions, he asked: "Will one of their dogged pursuers finally ketchup, cut the mustard and be pronounced wiener? No question it is going to be a dog fight."
As the audience winced, he said: "Just think how many we got into one sentence, that was really impressive," before asking: "Who wrote this s---?" to loud laughter.
Mr Bloomberg was speaking ahead of the annual hot dog eating competition which takes place every July 4th.
Favourite for this year's title, once again, is Joey "Jaws" Chestnut, 28, who in 2009 set a record for devouring 68 hot dogs and buns in 10 minutes.
The female record-holder, Sonya "The Black Widow" Thomas, 44, consumed 41 in 2009.
