Run a search (Ctrl + F) for the file that appears in the Edit Links menu.Go to the Edit menu and select the Links option towards the bottom (if this option is grayed out, then there are no real formula links).To remove Phantom Links from a workbook, first check to make sure that there are not any non-phantom links in the file. If you have ever opened an Excel file and been prompted to update links to another file, yet you are certain that there are no links to any other files, your file may contain phantom links.
