I don't know. But if I wanted to do this, I would create a Word document with a linked image inserted and attempt to save that document as html. See what happens.

If that works, write back and someone will probably help you with a macro that will convert your current inserted images into linked images. (I don't know that this can be done either.)

Word is designed to put words (and images) on paper. Everything else is ancillary.

Sorry to be answering your question with my ignorance, but I noted that no one else had answered you.