In fact, it surprised me a bit when I discovered this unusual find after rewatching "Pink Tails for Two (1978)", which was part of a few Pink Panther cartoons made for television, which would explain in the change of theme music and animation style.
Notice the worm-like creature who falls in love with the Panther's tail - could this be the Blue Racer in a final outing since his last cartoon in 1974?
They do seem pretty similar in terms of look, size and colour, right down to the manic eyes, even!
The only slight difference is that the Blue Racer originally never had a scaly underbelly and, unlike this short, was pretty chatty compared to his unusual vow of silence throughout here.
I think the only true people who would have known the answer would either be director Art Davis or storyman Tony Benedict. For now, at least, here's the original cartoon for you to watch. Feel free to draw your own conclusions: