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Excelsi-R is an Excel add-in that allows Excel spreadsheets to harness the power of the R statistical language by connecting to a running R process. R does not need to be installed on the computer running Excel, but it does require access to an R instance running Rserve (which can be on a remote computer). It supports incorporating R plots and graphs in an Excel workbook.

You may also like some newer work: http://createdatasol.com/ Project imDEV is an application of RExcel, which seamlessly integrates Excel and R for tasks focused on multivariate data visualization, exploration, and analysis. Interactive modules for dimensional reduction (imPCA), prediction (imPLS), feature selection, analysis of correlation (imCorrelations) and generation of networked structures (imGraph) provide an integrated environment for systems level analysis of multivariate data.