The only idea I have is an extended version of @ d-stroyer solution. You also need to replace part of the formulas, including the path to the document (or just a link to the book, if it is open):
Cells.Replace What:="C:\Users\Name\Desktop\[OldPath.xlsx]OldSheetName", _ Replacement:="C:\Users\Name\Desktop\[NewPath.xlsx]NewSheetName", LookAt:=xlPart, _ SearchOrder:=xlByRows, MatchCase:=False, SearchFormat:=False, _ ReplaceFormat:=False
Unfortunately, this will not work (I think it has not been verified) if you want to replace links in other excel elements, such as: a series of diagrams, possibly a data source for graphic elements, etc.
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