Public Class Form1

    Private Sub Form1_Load(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles MyBase.Load

    End Sub

    Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Button1.Click
        AddImageIntoExcel()
    End Sub
    Dim Img As Bitmap = Image.FromFile("c:\test1.gif")
    'place u r image file name with path in above double quoted area
    Private Sub AddImageIntoExcel()
        'Create an Excel App
        Dim excelApp As New Microsoft.Office.Interop.Excel.Application()
        excelApp.Visible = False
        'The Excel doc paths
        Dim oMissing As Object = System.Reflection.Missing.Value
        Dim destFile As String = "C:\test_image.xlsx"
        Dim excelFile As String = "C:\Book1.xlsx"
        'Open the worksheet file
        Dim excelBook As Microsoft.Office.Interop.Excel.Workbook
        excelBook = excelApp.Workbooks.Open(excelFile)
        Dim excelSheet As Microsoft.Office.Interop.Excel.Worksheet
        excelSheet = CType(excelBook.Sheets.Item(1), Microsoft.Office.Interop.Excel.Worksheet)
        Dim imgCell As Object = "G1"
        Dim range As Microsoft.Office.Interop.Excel.Range
        range = excelSheet.Range(imgCell)
        range.Select()
        Dim newImg As Bitmap = New Bitmap(80, 40)
        Me.BackgroundImage = newImg
        Using g As Graphics = Graphics.FromImage(newImg)
            g.DrawImage(Img, New Rectangle(0, 0, newImg.Width, newImg.Height), _
                        0, 0, Img.Width, Img.Height, GraphicsUnit.Pixel)
        End Using
        Clipboard.SetDataObject(newImg)
        excelSheet.Paste()
        excelSheet.SaveAs(destFile)
        'Quit
        excelApp.Quit()
        System.Runtime.InteropServices.Marshal.ReleaseComObject(excelApp)
        MessageBox.Show("image inserted!")
    End Sub

End Class