Is there a way to execute XSS in an HTML img tag with SVG?

No, it's not. Although SVG files can contain JS (see this), these will only get executed if:

1. the user directly visits the .svg file in their browser
2. the image is embedded within <embed> tags.

Modern browsers will never execute scripts in SVGs if it's within <img> tags.

And even in the two cases above, the server can provide CSP headers that stop the execution of such scripts.