$phrase = "link?id={id}&info={info}";
$value = array("id"=>"12","info"=>"test");

$link=preg_replace_callback('(({([[:alnum:]]*)}*))',
        create_function('$masque','global $value;return $value[$masque[2]];')
        ,$phrase);
echo $link;

Ce qui affiche :

link?id=12&info=test