The chilling picture shows the singer lying dead in her golden casket, clad in a regal purple dress and wearing what looks like a diamond brooch and earrings.
The weekly American magazine has run the snap alongside a bold headline proclaiming: 'Whitney: The last photo!'
It is understood the photograph was taken inside the Whigham Funeral Home in Newark, New Jersey, where her family attended a private wake last Friday on the eve of her funeral.
The magazine claims the photo was taken at the private viewing - although does not reveal who took the picture.
Carolyn Whigham, the owner of the Whigham Funeral Home, told MailOnline when asked for a comment: 'I have spoken with the family about this and they have asked me not to comment on the matter.'
Whitney - who died aged 48 on February 11 - was wearing jewels worth $500,000 and had gold slippers on her feet, according to the publication.
The image - which was published in today's edition - has stirred a strong reaction on Twitter, with people expressing their shock.
'#wrong #rip,' wrote one Twitter user named as The Bitter Critter.
Another user of the social networking site, Eric S Pittman, simply exclaimed 'Oh dear' while tweeter Peter Anthony Holder wrote: 'No privacy for Whitney, even in death. As usual, the National Enquirer is a piece of work.'
The singer's funeral took place on Saturday and was attended by stars including Mariah Carey, Oprah Winfrey and her co-star from The Bodyguard, Kevin Costner.
The star's on-off boyfriend Ray J was also in attendance.
Houston was laid to rest the following day in a burial service attended by close family and friends.
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