What you see here, is a repaint of Chap Mei's "Warg". I think they "lend" the idea from Toybiz' LOTR "Sharku on Warg", because the set contained an orc/troll figure and a saddle for the wolf :D
I wanted this figure when I was twelve but back than it was already sold out. Actually you can't buy these figures in Europe anymore, but I found one on eBay and could not resist - it was a mix of a dream I had as a kid and a cool monstous wolf-creature which I love anyway.

Earlier Chap Mei figures have better paint quality, this wolf was clearly on of the latest. The only paint applications were half-painted bandages on his forelegs, individually painted eyes (one head had yellow eyes, the other had green), cheap strange drybrushing on the neck (white on the right head and blue(?!) on the left), cheaply drybrushed white teeth and a red scar on the left head, which originally was sculpted on both heads. The rest was just sculpted light grey plastic.

I don't have any ideas in which universe you could sort him in, but I think an Oblivion-Plane (Elder Scrolls Series; Oblivion/Skyrim/Elder Scrolls Online, ...) would be the right place.

Ashhound is 8.5 inches long and 4.9 inches high, so he is as long as Toybiz' Warg but a lot shorter.

Two realmers, "claytonemery" and "Eddiegrayce's Custom" used this figure as a base for "Fenris" from north legends. Here you can see how the base's original sculpt looked like :D