$re = '/\s*\$item_#1_Value\$\s*/i';
$str = 'ABC$item_#1_Value$QWERT
Ax. BC $ITEM_#1_VALUE$ QWERT
ABC $item_#1_Value$ QWERT';
$subst = "1234";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php