You can assign a hyperlink to a shape, an image, or a chart. To do this, select the object, and press Ctrl+K. (To assign a hyperlink to a chart, you must select the chart area; the easiest way to do this is to click just inside the outer perimeter of the chart.)
The program giveth, and the program taketh away. Because of the redesigned user interface in Excel 2007, you can no longer assign hyperlinks to menu commands or toolbar icons. On the other hand, in earlier versions you were unable to assign hyperlinks to charts.