Remove paragraph tags around images in WordPress post/page content

wp_remove_p_around_img.php

<?php

/**
 * Move image inside <p> tag above the <p> tag while preserving any link around image.
 * Can be prevented by adding any attribute or whitespace to <p> tag, e.g. <p class="yolo"> or even <p >
 */
function remove_p_around_img($content)
{
    $contentWithFixedPTags =  preg_replace_callback('/<p>((?:.(?!p>))*?)(<a[^>]*>)?\s*(<img[^>]+>)(<\/a>)?(.*?)<\/p>/is', function($matches) {
		$image = $matches[2] . $matches[3] . $matches[4];
		$content = trim( $matches[1] . $matches[5] );
		if ($content) {
			$content = '<p>'. $content .'</p>';
		}
		return $image . $content;
	}, $content);

	// On large strings, this regular expression fails to execute, returning NULL
	return is_null($contentWithFixedPTags) ? $content : $contentWithFixedPTags;
}

add_filter('the_content', 'remove_p_around_img');