Maybe you're referring to linking a cell's contents
to display inside an autoshape ...
If so, play around with this ..
Draw an autoshape, say: a circle (oval) on the sheet
Right-click on it > Select "Add Text"
Press F2
(cursor will jump into the formula bar**)
Type an "=" in the formula bar,
then click on a cell, say A2
(formula bar will show: =$A$2)
Press Enter
Type something into A2
(you'll see it show inside the circle/oval)
Whatever's showing in A2 will be
reflected inside the circle/oval
**When the cursor's in the formula bar,
you can even click on another sheet's cell
to link the contents from there
