The event will see riders negotiate the mountain without bike chains , the winners being those with the fastest times.
Popular at mountain bike resorts across the world, chainless races are a great equaliser, suitable for first-time competitors and hardened racers.
Coronet Peak Ski Area manager Hamish McCrostie said the Vertigo Chainless was one of the most social and fun events on the calendar.
"This event ran for the first time last year and made for a really good day for all ages.
"The emphasis is on getting up here and taking part; it's not too serious.
"Spectators have a great time, with plenty of on-track antics to watch," he said.
Vertigo Bikes owner and "bike guru" Tim Ceci said he and his four Vertigo Bikes staff members would all be giving it a go.
"The emphasis is very much on fun, but having no chain on your bike makes it very much a skills and fitness-based race, so people with good technique who can hold speed around corners just blast down the hill, and it's fun to see what happens to those who don't."
This year's race would consist of a run each on the downhill and cross-country tracks, with a combined-time total score.
Race classes feature Junior, Women and Senior Men categories and fancy dress was "strongly encouraged".
Event registration takes place from 11am to noon, with race start also at noon.
Spot prizes would also be awarded, as well as a special award for the best costume.
Coronet Peak Bike Park will remain open throughout the event, with each of the Downhill and Downhill Xcountry tracks closing alternately for each race.
