Sixteen-time Nathan's Hot Dog Eating Contest champion Joey Chestnut has been banned from the Fourth of July competition due to a sponsorship deal, but don't fret. He will be back in business on Labor Day.

Chestnut will face off against arch nemesis Takeru Kobayashi, a six-time Nathan's Hot Dog Eating Contest champion, in a winner-take-all chow down. "Chestnut vs. Kobayashi: Unfinished Beef" is set to stream live on Netflix on Sept. 2 and will mark Kobayashi's last competition before retiring from competitive eating due to health concerns.

"Retiring for me will only happen after I take (Chestnut) down one last time,” Kobayashi, 46, said in a statement shared with USA TODAY Sports. “This rivalry has been brewing for a long time. Competing against Joey live on Netflix means fans all over the world can watch me knock him out.”

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Chestnut vs. Kobayashi: 'Another chapter of our rivalry'

Chestnut and Kobayashi last went head-to-head at Nathan’s Hot Dog Eating Contest in 2009, when Chestnut ate 68 hot dogs and buns in ten minutes, besting Kobayashi by three-and-a-half hot dogs to win his third Mustard Belt in as many years. Chestnut has gobbled up the competition ever since and won 13 more times in the next 14 years, most recently in 2023 when he ate 62 hot dogs and buns. (Kobayashi has not competed at the contest since 2009 due to a contract dispute with Major League Eating, the organization which sanctions the competition.)

But there will be a new champion this year. Chestnut won't be able to defend his title due to a sponsorship deal with "rival brand" Impossible Foods, a plant-based substitute meat company, MLE announced Tuesday.

"Sadly, this is the decision Nathan's and Major League Eating are making, and it will deprive the great fans of the holiday’s usual joy and entertainment," Chestnut responded on X, before vowing to return to competition. "Rest assured that you’ll see me eat again soon!! STAY HUNGRY!"

Looks like fans won't have to wait long. "It's time to give the people what they want!” Chestnut said, referring to the highly anticipated rematch.

“Through all of my years in competitive eating, Kobayashi stands out as my fiercest rival,” said Chestnut. “Competing against him pushed me to be so much better. I know that fans have waited a long time for another chapter of our rivalry and I can't wait for our massive showdown live on Netflix!"

Takeru Kobayashi eyes retirement

Kobayashi jumpstarted his career in 2001 by setting a world record at Nathan's Hot Dog Eating Contest by eating 50 hot dogs and buns in 12 minutes. (The previous record at the time was 25⅛ hot dogs). He won the Mustard Yellow Belt six consecutive years from 2001 to 2006, until he was dethroned by Chestnut in 2007.

"I'm sure that I've eaten 10,000 hot dogs since the beginning of my career," Kobayashi said in Netflix's "Hack Your Health - The Secrets of Your Gut."

Kobayashi announced in the documentary film that he's retiring from the sport after decades of overeating left him with no appetite or sensation of fullness, which has caused him to go days without eating. His wife Maggie James said her husband feels his body is "broken" and doctors determined his nervous system has been effected.

"I hear people say they’re hungry, and they look very happy after they’ve eaten. I’m jealous of those people because I no longer feel hunger," Kobayashi said in the documentary. "I hope to live a long and healthy life."

Contributing: Joe Rivera