Can I merge personalized URLs into a linked image?

I have a list of contacts that includes a custom field containing a personalized URL for each record. 

I’d like to set up an email that contains a linked image in the body, and I’d like the link attached to this image to be unique to each recipient.

Can I merge the personalized URLs into a link so that each person gets their unique link?

How would I do this?

Thanks in advance!

-Laura