Are you wishing to use the Image as a Thumbnail for the Button? If so, then Ann's way works perfectly.
If, however, you are referring to an Image as the Sub-picture Highlight, then no. A Sub-picture Highlight (what one sees with the Button is selected to indicate that it is selected) can only be 2-bit single color (you have a choic of three colors, but one at a time), and Transparency.
If that is what you do want, then there is more work involved. You are then looking for a Button Roll-over Effect, involving Dupe Menus (one for each Button), Auto-Activate Buttons on the "real Menu," and the Image added besides the Button (though it's not really part of the Button's Layer Set structure).
Good luck, and please let us know just a bit more.