This is based on the concept design of godzilla for the released 1994 version that would eventually be reworked to the 1998 Tristar film.

Here is the image of the design from Stan Winston studios:

https://tempupload.ngfiles.com/1109000/iu_1109648_18496161.jpg

Link to the article on Wikizilla:

https://wikizilla.org/wiki/Godzilla_%281994_film%29