We have analyzed the linearity performance of analog fiber-optic links based on electroabsorption modulators (EAM) operating at high optical power. The negative feedback caused by photocurrent generation improves the modulator linearity in the gain saturation regime. In the absence of laser relative intensity noise (RIN), the link spur-free dynamic range (SFDR) increases with the power of four-thirds of the input optical power after gain saturation occurs. A multi-octave SFDR of more than 135 dB/Hz(2/3) has been found to be achievable with sufficiently high power. (c) 2007 Optical Society of America