The initial design features a smiling Mother Teresa wearing her recognisable blue-bordered white sari, and holding the hand of a small child.
Announcing the image, the Vatican Philatelic and Numismatic Office said: "Frail but equally determined in her vocation, Mother Teresa loved God and the church with great strength, simplicity and extraordinary humility, glorifying with her life the dignity of a most humble service."
"She was a humble messenger of the Gospel and of Christ's love, known as 'a small pencil in the hands of the Lord,' doing her work quietly and always with great love.
"She assisted the poor, the sick and the abandoned with tireless dedication, offering smiles and simple gestures, finding strength to persevere with her vocation through prayer and trust in God."
Up to 1.5m copies of the 95-cent stamp which be released on 2nd September, two days before Mother Teresa is officially declared a saint by Pope Francis.
An ethnic Albania was born in modern Macedonia, she founded the Missionaries of Charity organisation which has reached out to the sick, homeless and dying in India and around the world.
Mother Teresa died in Calcutta in 1997, aged 87, and was beatified in 2003.