I don't know that it's possible to use a formula in the Chart Title which refers to a cell in the worksheet. However, why don't you simply NOT enter a Chart Title within "Chart Options". Instead, stretch your chart to fill the entire area of the chart object, and then position the chart so that it's centered below a TITLE in a cell in the worksheet. For the TITLE in the worksheet, you should center it using: Format Cells - Alignment - Text alignment Horizontal - "Center Across Selection".
I'm always a proponent of the "easiest" (and effective) solution, and this appears to qualify. I hope it qualifies in your case.
Create a title box using the chart tools, then add any text at all, then on the chart, highlite the title text, then press F2,...you will see the formula bar activate then type your cell reference and hit the enter key!
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