No its not an inflatable model of Sepp Blatter but a green haired leopard called ” Zakumi”.The organisers correctly figured that Blatter was inflated enough already and hence went for the leopard.

Zakumi – the ZA stands for South Africa while kumi means ten in assorted African languages.
FIFA Secretary General Jerome Valcke explained the choice.
“Zakumi represents the people, geography and spirit of South Africa, personifying in essence the 2010 FIFA World Cup. We are certain we will have a lot of fun with him in the lead-up to and during the FIFA Confederations Cup and the FIFA World Cup.”
Andries Odendaal from Cape Town came up with the design -the animal’s green hair is designed to will provide ‘camouflage’ on a football pitch.
Former South African star Lucas Radebe says “he wants to create a good mood for the fans and raise the excitement for the 2010 FIFA World Cup, the first on African soil.He is a proud South African and wants to ensure that the world will come together in South Africa.”