Celebrating the festive season in their own picturesque style, Nasa and the European Space Agency have shared a beautiful shot of a colourful space 'ornament'.

The image, captured by Hubble Space Telescope, shows a distant planetary Nebula and a dying star at its core.

This star, as the agencies describe, has completed the red giant phase of its lifetime and is ejecting gases into space.

When paired with the light of the central star, these gases light up and make the whole thing appear like "a colourful holiday ornament in space."

"The vivid blue and red hues come from material including ionized oxygen and hydrogen glowing under the action of the fierce ultraviolet radiation from the still hot central star," the European Space Agency said in a statement.

The Nebula, dubbed NGC 6326, is located some 11,000 light years away in constellation Alta, also known by its more formal Latin name "Ara." According to the agency, it carries an irregular structure, but sometimes planetary nebulae could also form from gases spewing out in elegantly symmetric patterns.

Though it's a story of dying star, there's no denying that the shot looks stunning. The agency created this image after combining several different photographs taken by Hubble's Wide Field Planetary Camera 2.

You can also take a quick peek at other images Nasa has shared over past few weeks including the strange "snowman" carved on an asteroid and stormy clouds above Jupiters.