Inserting linked images into Excel 2003 worksheet

I have a large Excel 2003 workbook that basically acts as a monthly report. This file contains several linked objects, as well as numerous references to other Excel workbooks. All of these assorted files are updated at random intervals over time. Once a month, I refresh the links in my Excel file, and save the whole thing as a PDF. This acts as a "snapshot" of the data in all the various files.

So far, so good. Everything works just as it should.

Now, I have been asked to include a set of images as part of this report. These images are always in the same location, are always named the same, and even always have the same pixel dimensions. However, the actual content of these images is always changing. This Excel file of mine must include a snapshot of each of these images.

I attempted to imbed these (*.PNG) images using [Insert > Object > Create from file], making sure to check the 'link to file' checkbox. Instead of placing the image in my worksheet, Excel inserts a box with the file name...

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Am I doing this correctly? It looks like I cannot use [Insert > Picture > From File], as there is no option to link the file using this method.

Any ideas? Thanks.