Mrs Merkel is portrayed in the buff, with her hands protecting her modesty, in the satirical cartoon by political magazine Der Spiegel.
The provocative drawing, captioned “The price of power”, takes aim at the Chancellor for agreeing to go into coalition with the SPD.
In the background of the cartoon, drawn by British artist Nishant Choksi, three people wearing t-shirts spelling out ‘SPD’ flee with Mrs Merkel’s clothes.
The magazine’s editorial is equally scathing, telling its readers: “Angela Merkel has paid a high price in order to stay Chancellor a little longer.”
Christian Democratic Union (CDU) leader Mrs Merkel ended Germany‘s political deadlock by announcing a deal with the centre-left SDP on Wednesday.
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Germany had been without a government following September’s inconclusive federal election, plunging the country into deep uncertainty.
Mrs Merkel made major concessions to the SPD to secure a fourth term in office after an inconclusive election in September.
The SDP’s Olaf Scholz is expected to become the country’s new Finance Minister, replacing Mrs Merkel’s ally Wolfgang Schaeuble.
In an interview with Der Spiegel, Hamburg mayor Mr Scholz said Germany should not dictate economic policies to its eurozone partners.
He told the magazine: “We don’t want to dictate to other European countries how they should develop economically. Mistakes were surely made in the past.”
Outlining his economic plans, pragmatic Mr Scholz, the SPD’s former Secretary General, added: “The SPD stands for solid finances.
“Aside from that, we are dependent on additional growth and the resulting additional tax revenue.
“With every other wish we need to look into what we can and can’t afford.”
The 464,000 SPD members still have to ratify the deal reached this week in a postal ballot, with the results to be announced on March 4.
The SPD have criticised the “forced austerity” on countries such as Greece and had vowed in the election campaign to boost investments.
The four-year government programme agreed by the two parties was welcomed by senior EU officials.
It stresses Germany’s commitment to the EU’s strict budget rules and calls for funding to shield the eurozone from crises.
Additional reporting by Monika Pallenberg