Updated 11 March 2021: Microsoft: “Based on learning’s from our early rings and your feedback we have made the decision to not proceed as outlined below. The Send link to Outlook sharing option will remain until further notice. Thank you for your feedback.”

Kudos to Microsoft for listening to feedback and cancelling this retirement.

Short version:

Microsoft had rolled out this retirement, but have temporarily restored the functionality to ensure you have time to prepare yourself and colleagues. Retirement 2.0 will start again soon though…

What you need to do:

You will soon be unable to share a link directly via Outlook with the sharing option in OneDrive and SharePoint. You can still copy a link to your clipboard and paste that link directly into an Outlook message:

Availability:

This feature will be retired between early and late March 2021.

Links:

More ways to share from OneDrive and SharePoint.