js
$(".list li a").hover( function() { // Changes the .image-holder's img src to the src defined in .list a's data attribute.
    var value=$(this).attr('data-src');
    $(".image-holder img").attr("src", value);
});
css
.image-holder {
      float: left;
      margin-right: 100px;
      display: block;
      width: 350px;
      height: 500px;
      background-color: grey;
    }
.list {
  margin: 0;
  padding: 0;
  list-style: none;
  padding-top: 200px;  
}
a {
  color: red;
  margin-bottom: 20px;
  text-decoration: none;    
  display: inline-block;    
  text-transform: uppercase;
  font-family: Arial, sans-serif;
}
html
 <script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script>
    <div class="image-holder">
      <img src="http://placehold.it/350x150">
    </div>
    <ul class="list">
      <li><a href="#" data-src="http://placehold.it/350x150">Link 1</a></li>
      <li><a href="#" data-src="http://placehold.it/350x250">Link 2</a></li>
      <li><a href="#" data-src="http://placehold.it/350x350">Link 3</a></li>
    </ul>