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<?php $str="Look at this [website]{http://www.stackoverflow.com} or at this [page]{http://www.google.com}"; echo preg_replace('/\[(.*?)\]\{(.*?)\}/', "<a href='$2'>$1</a>", $str);
Output for 5.5.0 - 5.5.38, 5.6.0 - 5.6.40, 7.0.0 - 7.0.33, 7.1.0 - 7.1.33, 7.2.0 - 7.2.34, 7.3.0 - 7.3.33, 7.4.0 - 7.4.33, 8.0.0 - 8.0.30, 8.1.0 - 8.1.30, 8.2.0 - 8.2.25, 8.3.0 - 8.3.13
Look at this <a href='http://www.stackoverflow.com'>website</a> or at this <a href='http://www.google.com'>page</a>

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49.79 ms | 408 KiB | 5 Q