It is possible to achieve this goal but we think it is far away from elegant. Imagine a Diagram with many shapes and every shape has image in it. This will result in big XML file which stores the images in binary/string format. This file will slow down loading and so on. The better approach is to serialize / save the path to every image and on load / deserialize just resolve the path and use it to display the Image.
In this help article
you can see how ViewModel's properties are serialized. For every shape you can have ImagePath
(string) property in your ViewModel.
We hope this will help you proceed further.
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