Instalink is a Chrome extension that reduces this to a couple of clicks.
The first option is to select text and press Ctrl and C to copy it to the clipboard.
snag the Instalink button in Chrome’s toolbar and you’ll see a popup window containing the copied text.
The link is automatically copied to the clipboard, ready to paste into an email or chat window.
Recipients just need to tap the link to jump into the formatted text.
The second option is to highlight text, right click, and pick the Instalink option.