The subject of this article or section is part of Feast of Winter Veil, a seasonal event that lasts several weeks. Once the event has run its course, this will no longer be available until next year, but there are no guarantees.
Gaily Wrapped Present is a quest reward from  A Gaily Wrapped Present.
It has a chance to drop one of the following items:
As an object
The Gaily Wrapped Present is located under the tree during Winter Veil in the cities of Ironforge and Orgrimmar. It offers the  A Gaily Wrapped Present quest which provides the present item.