Candy Style (using a toilet paper roll or oatmeal can and covering in tissue paper with paper bunched at ends) **It would be fun if the present was several smaller items to give the child several presents wrapped candy-style.
Wine Bag - doesn't have to contain wine, could hold a cool toy!
Plastic Container w/ lid - Presenting the toy in a box (could cover in stickers for decoration) gives the child a storage bin for toys as well!
Basket - Put the toy inside and then wrap all in cellophane or beach towel or blanket or neat Pillowcase - whatever!
Beach Towel - Wrap gift in towel and then tie with ribbon
Trashcan - (What?!) Put the gift in a new & neat trashcan - especially if it's a funky colour or cartoon themed can