You don't say what cell, so the code below just uses whatever the currently selected cell is. I put a simple formula to be inserted, you'll need to change that to whatever you want. There is also a message box that pops up if there is a formula in the cell, you can 86 that if you want. Then just attach the code to a shape by right clicking and selecting 'Assign Macro'.
Code:
Sub FX()
If Not ActiveCell.HasFormula Then
ActiveCell.Formula = "=1+1"
Else
MsgBox "Cell Has a Formula in it!", vbOKOnly
End If
End Sub
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