Creating a hyperlink field in a Quote Mail Merge template

I have a situation where a customer would like to have a link to image included in their Word based SageCRM Quote template for each line item.  Has anyone ever tried this and had any luck?  

The concept is we would mailmerge in the full URL to the image (field on the item table) that is accessible from the Internet.  Below is an example of what I am trying to accomplish:

{ HYPERLINK "{ MERGEFIELD theLinkAddressField}" }

But when I run the mailmerge it is not pulling in the internal mailmerge field with the URL data.

Thanks in advance,

Don Grubor
Effective Solutions