Wallace claimed that the chocolate bar ad campaigns from the '80s and '90s, which were voiced in Britain by Miriam Margolyes, were "sexy".
"The Cadbury's Caramel rabbit: those long legs, that pert bum, the way she would lean over and drawl, 'Slow down, Mister Beaver' in that seductive West Country accent. She was sexy," Wallace told the Radio Times.
The fruit and veg expert also revealed that his guilty pleasure was "Butterscotch Angel Delight" and that his TV dinner of choice was "shepherd's pie with peas and brown sauce".
The MasterChef semi-final continues on Wednesday at 9pm on BBC One.
> MasterChef The Final Four: Gregg Wallace's verdict