This is not a Chibi form of Godzilla, it is one of his children! Originally seen in Godzilla vs Space Godzilla comes this tiny Godzilla baby. Dubbed little Godzilla, this version lives on Monster Island with his dad and many other kaiju. He is quite prominent in the first half of the movie. This version of Godzilla would later grow up and take on his father's mantle after the events of Godzilla vs Destoroyah.
Figure is to scale with the others, so he is quite short!