If you look closely it has a similar appearance to the Froghemoth which first showed up in the AD&D module Expedition to the Barrier Peaks from 1980.
It's amphibious. It has three eyes on top of it's head. The coloration is practically the same. And the triple tongues could have easily been converted to tentacles.
I wonder if Gary Gygax or Erol Otus were inspired by this Kirby creature or other comics in general?
Here's my take on it. Kind of a combination of the two illustrations.
What do you think?