Not exactly sure what you mean by "embed" here, do you mean you want to have some php script, then an image, then more php? Something like this?
Code:
<!-- Start php code -->
<?php
Do some stuff here;
?>
<!-- "Embedded" image code -->
<img src="blah.jpg" alt="my image here"/>
<!-- continue php code -->
<?php
more code here;
?>
Or do you mean something else entirely?