Index: wp-includes/js/tinymce/themes/advanced/editor_template_src.js
===================================================================
--- wp-includes/js/tinymce/themes/advanced/editor_template_src.js	(revision 23178)
+++ wp-includes/js/tinymce/themes/advanced/editor_template_src.js	(working copy)
@@ -1100,7 +1100,7 @@
 
 			p = getParent('A');
 			if (c = cm.get('link')) {
-				c.setDisabled((!p && co) || (p && !p.href));
+				c.setDisabled((!p && co) || (p && (!p.href && (p.name || p.id))));
 				c.setActive(!!p && (!p.name && !p.id));
 			}