Using links from WordPress Link in pages

When creating a page or post, is there any way to pick a predefined link from the WordPress Links (blogroll) manager and insert it in the page or post?

When defining a link in the page/post editor, one can choose ‘existing content’, but this is only other pages. Is there a way to pick one of the links?

The site I’m working on now has a number of sponsors and each time they are mentioned they would like to have a link to their own home page. So the same link will be used more than once in different pages. I would like to be able to update all instances of a link by updating it once in the WordPress Links manager.

Is this possible, via WordPress or a plugin?

Thanks!

Patrick