$re = '/\*(?=\S).*?(?<=[^\s*])\*(?!\S)/';
$str = '*foo 1 * 2 bar* foo *b* azz *qu **ux*
*****foo 1 * 2 bar* foo *b* azz *qu **ux*
** some text
so * this one* should not be matched
*this one * and *this o*ne should not be matched
';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
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