Right-click the picture and select Send to Back.
Then move the picture into the middle of the text block and resize it to your liking. If you want to put the image in the middle of an otherwise normal paragraph, you have to create a space for it manually: Place the text box and image on the same slide. Here are two ways to do that: Wrapping text around an image in PowerPoint involves using your keyboard to insert letter spaces or tabs manually. So if you want to place an image in the middle of a paragraph, you have to work around PowerPoint’s limitations. Why doesn’t PowerPoint handle pictures and text as well as Microsoft Word does?