PASTE LINK option not available when I select PASTE SPECIAL to link an image in Excel to a Word document.

I'm trying to either copy images (cut and paste) or insert pictures
(Insert Object) into my Excel worksheet and then link them to a Word
document. I cannot establish a link. It works perfectly for text,
but I cannot get it to work for an image/picture.

After I get the image into my Excel worksheet I click on the image and
perform the copy, next I go to my word document and click on Paste
Special. The dialog box opens but does not allow me to select Paste
Link, only the Paste option is available.

Saving the document in Excel first didn't help. The Source field in
the Paste Special dialog box shows source UNKNOWN. I'm sure this has
something to do with the problem.

This, works fine if I go the other direction Word to Excel, but I need
the Image in Excel.

Also, when I initially copy/paste the image into Excel, if I try Paste
Special it does give me the option to Paste Link. The source field
is populated with file name that I originally copied the image from.

Any idea?

Terri