It is possible to add font family (Arial, Comic MS Sense, etc) and make image as an anchor tag while creating text on image.
<?php
header("Content-type: image/png");
$string = "Text on image";
$font = 5;
$width = imagefontwidth($font) * strlen($string);
$height = imagefontheight($font);
$image = imagecreatetruecolor ($width,$height);
$white = imagecolorallocate ($image,255,255,255);
$black = imagecolorallocate ($image,1,143,208);
imagefill($image,0,0,$white);
imagestring ($image,$font,0,0,$string,$black);
imagepng($image);
imagedestroy($image);
?>