Deformable image registration is a fundamental problem in computer vision and medical image computing. In this paper we investigate the use of graphical models in the context of a particular type of image registration problem, known as slice-to-volume registration. We introduce a scal-able, modular and flexible formulation that can accommodate low-rank and high order terms, that simultaneously selects the plane and estimates the in-plane deformation through a single shot optimization approach. The proposed framework is instantiated into different variants seeking either a compromise between computational efficiency (soft plane selection constraints and approximate definition of the data similarity terms through pair-wise components) or exact definition of the data terms and the constraints on the plane selection. Simulated and real-data in the context of ultrasound and magnetic resonance registration (where both framework instantiations as well as different optimization strategies are considered) demonstrate the potentials of our method.