The term `The King of Dance` is often used to describe the Bronze Nataraja of the Cholas, elaborating on the cosmic dance performed by Lord Shiva.

Option 1 is incorrect - Trimurti at Elephanta Caves represents the three-fold manifestation of Lord Shiva but is not associated with dance.

Option 2 is also incorrect - Kaliyamardan of Krishna refers to an event from Krishna`s childhood where he defeated the serpent Kaliya, the depiction is not about dance.

Option 3 is incorrect - Bodhisattva Maitreya at Gandhara refers to future Buddha Maitreya, who is associated with compassion and love rather than dance.

Option 4 is correct - The Bronze Nataraja of the Cholas depicts Lord Shiva as Nataraja, the lord of dance, who performs the cosmic dance of destruction and creation. This is why it is termed as `The King of Dance`.