Penn officials say the 66-year-old mayor, who also founded the financial information company Bloomberg, L.P., will receive an honorary doctor of laws degree.
Penn President Amy Gutmann praises Bloomberg as a "highly successful entrepreneur, noted philanthropist and tireless public servant."
The university will also give honorary degrees to Grammy Award-winning musician Paquito D'Rivera and Harvard University President Drew Gilpin Faust, who is a former Penn history professor.
The ceremony will take place at Franklin Field on May 19.
