You may want to try this:
<?php
$html = <<< EOF
<image overflow="visible" width="960" height="720" id="Layer_0_1_" xlink:href="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAA8EAAALRCAYAAAB76aEvAAAACXBIWXMAABKbAAASmwHgklkMAAAAGXRFWHRTb2Z0d2FyZQBBZG9iZSBJbWFnZVJlYWR5ccllPAAIiDZJREFUeNrsvQuWIzmuLEi6FPmp6nl3ljJbnJXNVmYB75zpvn2rsjJDco5AEqQRDpB0uRQRWZ2qVitSH//wCwMMBv/185f/0zn3f7nOw3vv7n3Qb0e/P3J8eoQQDp3/6O+fffyjj975nadrCO69+19eI/7u+/fv7q+//nKvrxfnfb0eej2/" />
EOF;
$newimage = preg_replace('%"(data:image\/png;base64.*)"%sim', '"pathtologo.png"', $html);
echo $newimage ;
?>
DEMO:
http://ideone.com/E8wwAX
EXPLANATION:
Options: Case insensitive; Exact spacing; Dot matches line breaks; ^$ match at line breaks; Greedy quantifiers; Regex syntax only
Match the character “"” literally «"»
Match the regex below and capture its match into backreference number 1 «(data:image\/png;base64.*?)»
Match the character string “data:image” literally (case insensitive) «data:image»
Match the character “/” literally «\/»
Match the character string “png;base64” literally (case insensitive) «png;base64»
Match any single character «.*?»
Between zero and unlimited times, as few times as possible, expanding as needed (lazy) «*?»
Match the character “"” literally «"»
"pathtologo.png"
Insert the character string “"pathtologo.png"” literally «"pathtologo.png"»