Although an image cannot be loaded literally into a cell, it is possible to load an image into a cell comment using VBA. The following code from this site defines a function that can be used in the worksheet to insert an image into a comment.
Function InsertCommentImage(title As String, absoluteFileName As String)
Dim commentBox As Comment
' Clear any comments before attempting to add them.
' Define the comment as a local variable and assign the file name from the
' cellAddress input parameter to the comment of a cell.
Set commentBox = Application.ActiveCell.AddComment
.ScaleHeight 3, msoFalse, msoScaleFromTopLeft
.ScaleWidth 2.4, msoFalse, msoScaleFromTopLeft
' Set the visible to True when you always want the image displayed, and
' to False when you want it displayed only when you click on the cell.
.Visible = False
InsertCommentImage = title
This InsertCommentImage function has two arguments: a title that will appear in the cell the function is entered into, and a reference to the image's location and name.
The image can from a local file...
...or a URL...
...or a reference to a file location or a web link.
To install the function into the workbook with your links, first select the Developer tab from the main Ribbon and then choose Visual Basic (the first button on the left of the Developer tab). The VBA integrated development environment (IDE) window will appear.
Then make sure that "VBAProject(your workbook name)" is highlighted in the "Project - VBA Project" pane (the left upper pane).
From the main VBA IDE menu, select Insert/Module and paste the function code in the large code pane that has opened up.
Close up the VBA IDE window and save the workbook. You can then use the function in the sheet with the links.