$re = '/^\*+(?= +\S)|(?<! )(?<!\*(?=\S)[^*\n]*)(\*+)(?![\w*])/';
$str = 'Input => Actual === Expected : Success
=========================================================================
A b*** c => A b³ c === A b³ c : true
A *b* c* => A *b* c¹ === A *b* c¹ : true
A *b* *c* d* => A *b* *c* d¹ === A *b* *c* d¹ : true
A *b* c* d** => A *b* c¹ d² === A *b* c¹ d² : true
** a b c => ² a b c === ² a b c : true
** a b*** c => ² a b³ c === ² a b³ c : true
A *bc* d** => A *bc* d** === A *bc* d² : false';
preg_match_all($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