The image of the Tory leader as the lizard, which is famed for changing appearance to suit its environment, is to appear on party political broadcasts, a website and further advertising and promotional activity during the year.
A Labour Party spokesman said: "This is character we are gong to develop as an idea over the course of the next 12 months."
The website, which features a reworked version of Culture Club's 1980s hit 'Karma Chameleon', shows the lizard version of keen cyclist Cameron, riding his bike across different environments during which he changes his colours and views. It also has the line "available in any colour (as long as it's blue)".
John Prescott, Labour deputy leader, said: "This image shows exactly what David Cameron represents; a political chameleon who says whatever he thinks his audience wants to hear."
The release of the creative, which includes downloadable content for online and mobiles, is timed to coincide with the launch of the Conservative Party's local election campaign, under the slogan "Vote Blue, Go Green".
This seeks to push positive messages about Conservative councils' commitment to recycling and composting.
This campaign, created with assistance from David Willing, Miracle Media Group chief executive officer, and marketing group Silverfish, is the latest Labour Party campaign to feature attacks on Conservative Party leaders.
During the last general election campaign, Labour came under fire for presenting Conservative leader Michael Howard and then shadow chancellor Oliver Letwin, both of whom are Jewish, as flying pigs in a poster campaign.
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