Manual:Hooks/LinkBegin

Details
Return false to skip default processing and return $ret. See documentation for Linker::link for details on the expected meanings of parameters.
 * $dummy: used to be a skin, but that eliminated.
 * $target: the Title that the link is pointing to.
 * &$html
 * &$customAttribs: the HTML attributes (such as title and class; href is ignored) that the  tag should have, in associative array form, with keys and values unescaped. Should be merged with default values, with a value of false meaning to suppress the attribute. Other attributes will replace default attributes.
 * &$query: the query string to add to the generated URL (the bit after the "?"), in associative array form, with keys and values unescaped. Query keys and values will be URL-encoded.
 * &$options: the options. Can include 'known', 'broken', 'noclasses', 'forcearticlepath', 'http', or 'https'.
 * &$ret: the value to return if your hook returns false.

$options values

 * 'known': Page is known to exist, so don't check if it does.
 * 'broken': Page is known not to exist, so don't check if it does.
 * 'noclasses': Don't add any classes automatically (includes "new", "stub", "mw-redirect", "extiw"). Only use the class attribute provided, if any, so you get a simple blue link with no funny icons.
 * 'forcearticlepath': Use the article path always, even with a querystring. Has compatibility issues on some setups, so avoid wherever possible.
 * 'http': Force a full URL with http:// as the scheme.
 * 'https': Force a full URL with https:// as the scheme.

Example
The following code will show all wikilinks as broken (i.e. as red links) by changing the  class to "new":

Another way to achieve the same result would be to change  instead of   and return , like this: