Format text in a link in reStructuredText

Question

How do you format text within a denoted link in reStructuredText?

Specifically, I wish to generate the following HTML from my rst:

Answer 1

This construct:

Here you have |optparse.OptionParser|_.

.. |optparse.OptionParser| replace:: ``optparse.OptionParser`` documentation
.. _optparse.OptionParser: http://docs.python.org/library/optparse.html

produces this HTML (some linebreaks added):

Here you have 
  
  optparse.OptionParser documentation.

I realize that this is not exactly what you asked for, but maybe it's close enough. See also http://docutils.sourceforge.net/FAQ.html#is-nested-inline-markup-possible.