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$string = "<img src=\"test.jpg\"> highlight the word 'word' in this se
+ntence";

<img src="test.jpg"> highlight the <b>WORD</b> '<b>WORD</b>' in this s
+entence

$string "<img src=\"test.jpg\"> highlight the word <img src=\"word.jpg
+\">";

<img src="test.jpg"> highlight the <b>WORD</b> <img src="word.jpg">;

$replacementString = "<b>WORD</b>";
$string =~ s/word/$replacementString/ig;