This extension method also works (to be placed in an public static class):
public static MvcHtmlString ImageActionLink(this AjaxHelper helper, string imageUrl, string altText, string actionName, object routeValues, AjaxOptions ajaxOptions)
{
var builder = new TagBuilder("img");
builder.MergeAttribute("src", imageUrl);
builder.MergeAttribute("alt", altText);
var link = helper.ActionLink("[replaceme]", actionName, routeValues, ajaxOptions);
return new MvcHtmlString( link.ToHtmlString().Replace("[replaceme]", builder.ToString(TagRenderMode.SelfClosing)) );
}