Now that I think about it, it looks more like this:
A Shoggoth, perhaps this is what Del Toro was talking about(in regards to ATMOM the movie)?
If so then I lol, because there is only a passing resemblance here.
And as for the Elder Things(kinda like space jockey's but not really):
Well, there is nothing quite like them, or their mortal enemies:
The Flying Polyps
Go ahead and make it Del Toro.
But man... eww. Just EWWW, imagine what else is in this movie.
http://www.youtube.com/watch?v=T5hooO64dQc#