Nope. An object in Word (characters, text boxes, images, drawings, OLE objects such as embedded charts from Excel or PDFs, ...) can only ever be on a single page. So you have to split up the image for pagination.
Heck, LaTeX treats things the same, for all that it's worth. If a word processor would have this feature it would have to treat the pages as one large contiguous layout canvas, just with page breaks in between. And page headers/footers/margins.
The only place where I think this might exist would be DTP programs like InDesign or Quark Express because magazines and some image-heavy books often lay out a large image on two facing sides.