Ummm... yes there is. The option is called "inline with text".
Right-click on the graphic, and left-click on Format
Picture/Object | Layout.

Midge wrote:

Our work version of Office was switched to 2003 just early this year and I
noticed that in this version, there is no longer an option to format a
picture/graphic/etc. with no wrapping. I am having a very difficult time
manipulating graphics on the page since the text always moves! Help!