Preview of the new Erol Otus cover for Swords and Wizardry

Here's a preview of the new cover illustration by the legendary Erol Otus for the forthcoming version of Swords and Wizardry: 

I think it's meant to evoke Gandalf's famous stand-off with the balrog -- but this confrontation is outside, involves a weird insect behemoth (instead of a balrog), and the wizard is guarding his tower (I think).

I like the colours and the alien (almost Lovecraftian) look of the monster.