This paper describes an original approach to the analysis and prediction of graylevel textures generated as equilibrium states of Gibbs/Markov random fields. This approach is physically motivated by the analogy that exists between the graylevel textures and the miscibility patterns of multiphase flows. The physics of the situation is captured using miscibility matrices that are related to the co-occurrence matrices classically used for texture discrimination. Simulations are provided to motivate and illustrate our approach.