Billionaire Michael Bloomberg would be an “honest” commander in chief, though he may be waiting for one sign before tossing his name into the race for the White House, Rep. Peter King said.

King (R-Seaford) said the former New York City mayor probably would not run as an independent candidate — and win — unless Bernie Sanders gets the Democratic nomination and Ted Cruz the Republican one.

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“We are a two-party country and for people to veer from that, they have to believe that both parties picked extreme candidates,” King said.

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King said he hasn’t spoken to Bloomberg for a year, but figures the former politician would run if he feels he couldn’t work or agree with the left-leaning Sanders and the “fundamentalist” Cruz.

Before Bloomberg ran for mayor, King said, his aides had to convince him he had a “plausible” chance of victory: “He has to be shown that it’s not a pipe dream, a fool’s errand.”

On two key issues to the nation — jobs and safety — Bloomberg was “terrific” as a mayor, said the congressman, who had three big fundraisers hosted by the former mayor.

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“He’s a totally honest guy,” King said, “and he was an outstanding mayor.”