It's possible using an SVG path definition:
body {
background-color: silver;
}
<img src="https://picsum.photos/200/200" style="clip-path: path('M 100 0 L 200 0 L 200 200 L 0 200 L 0 0 L 100 0 L 100 50 A 50 50 0 1 0 100 150 A 50 50 0 1 0 100 50 Z');">