Insert a image inside the tag of wp_nav_menu

I am trying to build an menu in wordpress that had a image above the link and the text below the link. I would like it to be dynamic and using the built in wordpress menu function. I see so many hacks stating use css to make it a background image yet that doesn’t make the image clickable. Is there a way to get wordpress to add a <img> or <span> tag inside the tag?