This paper presents a novel method to identify the 2D axial Magnetic Resonance (MR) slice from a pre-acquired MR prostate volume that closely corresponds to the 2D axial Transrectal Ultrasound (TRUS) slice obtained during prostate biopsy. The shape-context representations of the segmented prostate contours in both the imaging modalities are used to establish point correspondences using Bhattacharyya distance. Thereafter, Chi-square distance is used to find the prostate shape similarities between the MR slices and the TRUS slice. Normalized mutual information and correlation coefficient between the TRUS and MR slices are computed to find the information theoretic similarities between the TRUS-MR slices. The maximum of the weighted likelihood function of the afore-mentioned statistical similarity measures finally yields the MR slice that closely resembles the TRUS slice acquired during the biopsy procedure. The method is evaluated for 20 patient datasets and close matches with the ground truth are obtained for 16 cases.