If you have already obtained the anchor tag you can extract the href attribute via a regex easily enough:
<a [^>]*href="([^"])"[^>]*>
If you instead want to extract the contents of the tag and you know what you are doing, it isn't too hard to write a simple recursive descent parser, using cascading regexes, that will parse all but the most pathological cases. Unfortunately PHP isn't a good language to learn how to do this, so I wouldn't recommend using this project to learn how.
So if it is the contents you are after, not the attribute, then @katrielalex is right: don't parse HTML with regex. You will run into a world of hurt with nested formatting tags and other legal HTML that isn't compatible with regular expressions.