It's probably a lost cause, but here I go:
>small blue penguin/duck
>there's a pink variant
>no it's not that one from Aliexpress, this one has open eyes and his face is all blue
>kinda round "arms", look floppy on Paint but they're actually squishy
>Spain, late 90s/early 2000s
Can't find it anywhere. Even local second hand markets don't have it. I'm certain they came with a little blanket, as they were made for newborn babies. There are many similar blue penguins out there but none looks exactly like the one from my childhood.