Is it possible to export a graph as graphic to Excel?

It is straightforward to export lists to Excel with Export. Can I export a graphic image, too? This does not work:

g = CompleteGraph[4];
fnOut = "Output1.xls";
Export[fnOut, {"Sheet1" -> g}]

Maybe I need to transform g in some way?

Answer

You can export both data and the images using one of several syntax patterns that you find in the docs on XLS format:

For example:

 g = CompleteGraph[7];
 Export["output1.xls", 
 {g, {"mySheet1" -> Normal@AdjacencyMatrix[g]}}, {{"Images", "Sheets"}}]

gives

EDIT: Exporting multiple images:

It seems you need at least one sheet (which could be empty) as part of any export. With this restriction,

Export["multipleImages.xls", {CompleteGraph[#] & /@ {5, 7, 9}, {}},
  {{"Images", "Sheets"}}]

or

Export["multipleImages2.xls", {{}}, "Images" -> (CompleteGraph[#] & /@ {5, 7, 9})] 

or

Export["multipleImages3.xls", 
  {"Sheets" -> {}, "Images" -> (CompleteGraph[#] & /@ {5, 7, 9})}, "Rules"]

all work to export several images.