Stop me when I attempt drawing shinobi Sponge Bob; okay? or may be do not stop Inspired by the comment Or may be it was the mermaid!Suigetsu....
Here I sequentially mixed the designs of my favourite Kirigakure's ninja gear; Mito Uzumaki's seals (paper in da water? rewatch Tobi / Konan clash to see how pretty possible it is in narutoverse ) and other ninjaesque items to create this lady who presumably saved Jiraiya
Now this makes perfect sense And a name? Hmm... Sakana Umi Ningyo hime Mizu Sumiyo, Sakime, Ningana, Umigyo or Himana? All coming from the japanese words; Sakana - meaning fish, Umi - meaning sea, Mizu - meaning water and Ningyo hime - meaning Little Mermaid.
If this happens to be the truth, then Jiraiya must really have an excuse to not want to leave the underwater paradise. Who knows, maybe, he's planning to write the next book... Nice rendition of this idea.