Sub LinkToImage() 
    For Each cel In Selection
        cel.Offset(0, 2).Select
        cel.Offset(0, 2).RowHeight = 100
        cel.Offset(0, 2).ColumnWidth = 40
         
        Set image = ActiveSheet.Pictures.Insert(cel.Value)
     
        With image
            .ShapeRange.LockAspectRatio = msoTrue
            .Width = cel.Offset(0, 2).Width
            .Height = cel.Offset(0, 2).Height
            .Left = cel.Offset(0, 2).Left
            .Top = cel.Offset(0, 2).Top
        End With
     
    Next cel
 
End Sub