This papercraft is the Cyclops Slime from the game Skylanders. This paper toy is designed by Mario. Cyclops Slime is a scrapped Skylander who was the original incarnation of Zap, his successor. It is unknown what element Cyclops Slime was going to be originally, but since he was the original incarnation of Zap, it is possible he was going to be in the Water element.
The Skylanders are legendary heroes and champions in the world of Skylands, as well as the only playable characters in Skylanders: Spyro's Adventure, and one of the main playable characters in Skylanders: Giants. Their ancient mission is to protect Skylands and its magical Core of Light, a great machine that repelled The Darkness, the ultimate force behind all evil. Using their magical powers and machinery, the Skylanders defended their world for generations, keeping peace and balance, until Kaos arrived and banished them to Earth.
The most powerful of all Skylanders are the Elder Elementals.
You can download this paper craft from here: Skylanders - Cyclops Slime Free Papercraft Download