No it isn't.  What are you trying to accomplish?
What version of Excel?  What operating system?

Jim and Ryan are correct.  You can get the effect as follows:

In B9 enter:
=HYPERLINK(B8,B8)
In B8 enter a Data Validation list that includes all the desired hyperlinks.

A similar trick works with VLOOKUP or other lookup functions.

You get one hyperlink per cell--either from the Insert|Hyperlink or from the
=hyperlink() worksheet function.

But you could cheat.

You could add multiple rectangles from the Drawing toolbar (hide the borders!)
and assign a different hyperlink to each of those rectangles.

But you can't use the =hyperlink() worksheet function to create the hyperlink
for the rectangles.