If you have at least one bolt diameter worth of usable thread depth, you can also screw in a stud and use a nut. Not the best permanent solution, but enough if you want to take your time with the removal.
The extraction won’t likely be easy. Fill the top of the hole with PB blaster, warm up the engine so hopefully a little expansion occurs and the penetrant works its way into the threads.
Next trick will be to drill a pilot hole dead center in the stuck bolt, open it up progressively. Buy the highest quality extraction tap you can find, and VERY carefully ease the bolt out. The larger a hole you can drill the better, but you risk damaging the threads. If the tap breaks, you’re SOL: its metal is as hard as a drill bit so its remains are not coming out.
Patience is the key.