I tested this method using an imported module and it worked:

// file: newFunction.ts
export function newFunction() {}

//file: deprecatedFunction.ts
import type { newFunction } from "./newFunction"

/** @deprecated use {@link newFunction} */
function deprecatedFunction() {}

Source: https://github.com/microsoft/TypeScript/issues/47718#issuecomment-2185274842

There's also multiple ways to link it in the discussion.