Image objects created with image() use data coordinates for the positioning, which is the same coordinate system that text() uses. Therefore if you can find a way of scrolling the axes, the two will scroll together.
If you have the image processing toolbox you can use http://www.mathworks.com/help/toolbox/images/ref/imscrollpanel.html . That takes the handle of an image and parents the image to be inside a uipanel. If you then set() the Parent property of the text to be the handle returned by imscrollpanel then the image and text will scroll together.
