You can use your `Disk` (or any grayscale image) as an alpha channel:

    img = ExampleData[{"TestImage", "F16"}];
    
    disk = Graphics[Disk[]];
    
    diskImg = 
      ColorConvert[Rasterize[disk, ImageSize -> ImageDimensions[img]], 
       "Grayscale"];
    
    circleImg = ColorCombine[{img, ColorNegate@diskImg}, "RGB"]

![enter image description here][1]

Then you can use `Inset` to place it like other graphics primitives:

    Graphics[{
      Table[
       Inset[circleImg, {Cos[i*10 \[Degree]], 
          Sin[i*10 \[Degree]]}*50, {256, 256}, 5 + i*1], {i, 10}]}]

![enter image description here][2]


  [1]: https://i.sstatic.net/vmBeW.png
  [2]: https://i.sstatic.net/jymtz.png