uses ComObj;
procedure TForm1.Button1Click(Sender: TObject);
var excel: OleVariant;
begin
excel := CreateOleObject('Excel.Application');
excel.Workbooks.add.worksheets[1].shapes.addpicture('C:\Imágenes\ClubDelphi.jpg', False, True, 6, 6, 666, 666);
excel.visible := True
end;