The Replace Clips command is also available in the Clip List menu. To use this command, make sure there is a clip selected in a track and a different (replacement) clip selected in the Clip List.
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Right-click the replacement clip in the Clip List and choose Replace Clips from the pop-up menu.
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Select the replacement clip in the Clip List and choose Replace Clips from the Clip List menu. (If the Clip List Selection Follows Edit Selection preference is enabled, Control-click (Windows) or Command-click (Mac) the selected clip to deselect it, then Control-click (Windows) or Command-click (Mac) the replacement clip to select it, and then choose Replace Clips from the Clip List menu.)