Hi lem,

We have a module "ehcs_m2o_dropdown_image" on AppStore having this functionality you are looking for.

The only condition in the module is that your object must have a binary field called "image" and add a widget="m2o_dropdown_image" in m2o field.

Hi,

Please check this module,

https://apps.odoo.com/apps/modules/12.0/ehcs_m2o_dropdown_image/

Thanks

Aswini  iWesabe

There is no build it option available in the odoo framework 
but I am pretty sure you will find an app on the odoo app store to enable this kind of feature