The meeting, which took place in Manhattan, was the first between the two men since Romney cemented his role as the presumptive Republican Nominee last week.
Both Republicans and Democrats have sought Bloomberg's coveted endorsement in the past. As the owner of the multi-billion dollar Bloomberg News empire, his backing has clout with the business community and Wall Street, a group that has been cool to President Obama since taking office.
Bloomberg is also a well-regarded independent, credited with steering New York City's economy back to strength following the September 11th attacks.
But an endorsement from 'Hizzoner' could cause problems for Romney - Bloomberg's views on immigration and gun control don't gel with positions Romney staked out during the primary, a potential pitfall for his standing among conservative voters.