Place chocolate chips in freezer to chill. In large bowl, mix cereals, peanuts, pretzels and marshmallows; set aside.
In large microwavable bowl, microwave candy coating uncovered on High 1 minute 30 seconds; stir, breaking up large chunks. Microwave about 30 seconds longer or until coating can be stirred smooth.
Gently and quickly fold cereal mixture into coating with rubber spatula, stirring gently until evenly coated. Stir in chilled chocolate chips. Spread on waxed paper; cool completely, about 30 minutes. Break into chunks. Store in airtight container in refrigerator.