The first two Playmates Godzilla Vs. Kong figures have been revealed, via Walmart, Godzilla and Kong 11 inch figures. Kong appears to be an update of the previous Kong: Skull Island figure with slight update look, new head sculpt, and paint scheme that is much darker. Godzilla looks like the Jakks Pacific 2019 figure, possible a remold of it, but with a lighter color scheme and blue fins. Both are $20, they don't appear to have any accessories, and both quickly reflected as sold out. No release date is given on the site but Walmart had some of the previous figures in store before they popped up on their site. Of note Godzilla does appear to be the same figure in an early leak but the Kong in those pics looks like the previous version and not this one. 
Update: a third figure showed up on the Walmart site the 6 inch Kong With Battle-Axe Figure, this figure looks to have more articulation than previous figures, it also sports battle damage (removable skin like some Jurassic Park figures have had). No price is listed. The two 11 inch figures have made into hands of collectors already and look less detailed than the promo images. Also below is the back of the package image.