This can be done with the longdesc
attribute:
<img src="theimage.png" longdesc="thedescription.html" />
And then, in thedescription.html:
<a href="http://test.com/">Link</a>
One alternative way to do this is by using an OBJECT
element, as follows:
<OBJECT data="theimage.png" type="image/png">
<a href="http://test.com/">Link</a>
</OBJECT>
Also, since you asked for it, here is how to convert html entities automatically in jquery:
$('<div/>').text('<a href="link.html">Some Link</a>').html();
// the above evaluates to <a href="link.html">Some Link</a>