Interchanging files between Illustrator & PS

I’ve been using CorelDRAW Graphics Suite since the dawn of time, but I’ve been trying to switch to Illustrator. One thing in CorelDRAW is that there is a very tight integration betwen DRAW and Photo-Paint.

You can click ANY raster object on your page in DRAW and edit it in PhotoPaint. Once you make changes in PhotoPaint, you click ‘Save’ and the image is automatically transferred back into DRAW.

I was wondering if you can do a similar thing with Illustrator & PS. I know you can do ‘Edit Original’, but that’s not the same. I want to be able to click any rasterized object and edit it in PS.

Anyone know how?