Sorry, you cannot take html code, convert it to an image and expect any web browser to read the contents and parse that layout as a legitimate link.
I do not understand why you cannot envelope the image inside of an anchor tag. Maybe you can be more specific.
The way I see it, you could do something like this.
<a href="home.html"><img src="image.php?label=home"></a>
However, instead of dynamically building button images on-the-fly, it's often much easier to use real links with css and backgrounds (and better for search engine rankings to boot.) Here's one example.