<?php
$str = "Je connais ce con de conémi";
echo preg_replace("/(?<=\p{Z})con(?=\p{Z})/i", "###", $str);
PD9waHAKCiRzdHIgPSAiSmUgY29ubmFpcyBjZSBjb24gZGUgY29uw6ltaSI7CgplY2hvIHByZWdfcmVwbGFjZSgiLyg/PD1ccHtafSljb24oPz1ccHtafSkvaSIsICIjIyMiLCAkc3RyKTs=