A linked text can be superimposed onto an image, see meta:Help:Composite images. In particular there can be a dummy text such as an character in a very large font, covering the whole image.
However, if the browser is set to ignore font sizes specified in web pages then only part of the area in the image links to the specified page, and the rest of the image to the image page. Check the hoverbox or status line to see the target at any position of the mouse cursor. Some versions of the template have the same hoverbox for the two areas.
The image cannot be inline. Positioning can be done e.g. with a table.