Custom link for selected text

Hi,
I already have a plugin for a custom block, which communicates with API and generates a custom content (a link).

Now I would like to do something similar, but for inline text:
– select text in paragraph block
– use a button (added as a custom button to block-editor-block-toolbar) which will let me to communicate with API and insert retrieved URL to a link for selected text.

So no need to store any metadata for the block, just get the URL string from API and close selected text withinin hyperlink tag.

Is there a way how to do it?

Many thanks!

Regards
Libor