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Well I am not sure the exact use of colours here but on the underbelly I think it is bleached bone painted over something slightly darker. I think you could try painting the underbelly with Kommando khaki. This could then have bleached bone painted over it. I think it isn't just a case of the colours but also the method they used. It looks like they painted on the bleached bone by doing it in stripes. You would have to be careful as you did this.
The rest of the Hydra looks like it was painted using light grey and white. I think you could paint it grey and then drybrush it with a lighter grey. You could then finish it off by using a lighter drybrush of white. The eyes look red and the mouth parts purple/pinky. The claws look like bleached bone again with more brown added. Hope this helps out.
It looks like there might be green in them thar greys.
Mix a dark-olive green with a grey. Then a lighter green with a lighter gray. It's what I did for the Gnoblar on the Butcher's base in my Ogre thread. Not the Tyrant's Gnoblar--I forgot to start with the darker green for him and instead started with lighter. Of course, you could do that, too.
And I'd give it some glazes along the way: blue, green, grey.