Generally most top tier backup software use a 2:1 compression schema so depending on the amount of used space you would need a drive of at least half that size to hold one image.
Generally I use a drive twice as large, since I maintain a Monday, Wednesday, Friday scheme and always keep three images at least.
I use multiple external drives as well as one internal and since I perform my backups manually and offline, I never keep them attached to the computer except during backup operations. Even the internal is disabled in device manager when not being used.
NOTE: IF you intended to use the native backup utility to create the system image, I do not believe that it uses any compression when creating the .vhd file, so the drive would need to be equal to the amount of used space at least.