Paste special / paste link grayed out

Hi everyone! I'm trying to insert a graph into PowerPoint via the "Paste special" / "Paste link" function, as suggested in some older guides to PowerPoint. The purpose is so that the graph can be "live" -- that is, updated in real time during the presentation (I'm hoping to link to a graph that is part of an Excel Online spreadsheet that audience members can enter values into).

However, in PowerPoint 365, it is possible to access Paste Special via the menu bar/ribbon, but the "Paste link" radio button is grayed out. Any ideas how to fix that? Playing around in PowerPoint's Options menu doesn't seem to do anything.

Thanks!

Oh, thanks! Actually upon following exactly what you did, in a new file, it works fully.

In that case it must be what was in the contents of my clipboard -- with the other file, it was somehow deemed incompatible (I would attach it but it was just a random test file -- and clearly the wrong item to use). It now works with the new file. Thanks for clearing that up!

Thanks and done!