Excel use a centralized connection

We have the need to distribute an Excel report with embedded SQL. We do not want to have to publish the ODBC connection to every user's desktop, but for Excel to reference some centrally located file. Is this possible? I tried creating the connection in Excel and then did an Export Connection File (with Always Use Connection File selected). Saved that to Sharepoint. Went back in and switch to reference the Sharepoint location. When a user opens the report, it's still looking for a local connection.

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