Hi Suraj,
You can experiment with different solutions as there are no official supported ones. Unfortunately, there is no way to embed another image on top of the pie, but you can create a circular image that is painted in the color of the plot area and place it in the middle of the pie using absolute coordinates. Still, you will have to calculate the correct coordinates for this image.
Here is a sample:
All the best,
Yavor Ivanov
the Telerik team
Consider using RadControls for ASP.NET AJAX (built on top of the ASP.NET AJAX framework) as a replacement for the Telerik ASP.NET Classic controls, See the product support lifecycle here.