Data source for raster image doesn't update when clicking red exclamation in ArcMap

Description

The data source doesn't update when clicking on the red exclamation mark to set the data source for a raster image.

Solution or Workaround

1. Right-click the raster layer on the Table of Contents.
2. Select Properties.
3. Select Source tab.
4. Click the Set Data Source button and navigate to the raster image.
5. Add the image data source.