Create post thumbnails from images stored outside of uploads directory

You need to first download those external images then you can attach and set them as the post thumbnail.

To download and attach you can use the media_handle_sideload() function.

I wrote a plugin that will search through all your posts and pages and download and attach any external image into the media library. It also has the option of setting the first image as the featured image.

http://wordpress.org/extend/plugins/media-tools

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