The Islamic figure is featured with a tear in his eye, saying the words "Je suis Charlie".
The words are being used by millions across the world to condemn terror attacks in France that killed 17 people over three days, and show solidarity with Charlie Hebdo and freedom of speech.
Above Mohammed are the words "All is forgiven."
More than three million issues of the French satirical magazine will be distributed in several languages tomorrow - normally the publication only circulates around 60,000 copies.
Nick Spencer, from the think tank Theos, told Premier's News Hour: "It's provocative, it's slightly crudely drawn, it's making a point.
"For what it's worth, I think it was probably the right thing to do this week.
"The correct cultural norm is the ability to mock. Now that does offend people, but a society in which people are just too nervous to offend people is probably on the balance a worse society to live in.
"There are people in society and institutions in society that can be overly powerful or pompous or for whatever reason - they actually need to be mocked and ridiculed.
"If we solely define the West as that place where we have the right to mock and ridicule and blaspheme... It becomes very problematic.
"The principled response is a sane and moderate and reasonable one... You have the right to do this, but that doesn't mean you should do it.
"The West should be far more. It should be the place where positive and constructive conversations happen as well."