I would try the easy out. Get the correct size easy out. Try to get a good placed center punch in the middle of the bolt. Then start with a small drill. Try to get the drill as straight as you can. A second person helping is good for this. Then slowly work you way up to the correct size drill for the easy out. Be very careful. Work the easy out into the hole. Then gently try to turn the easy out and see if the bolt moves. If not heat the area around the bolt and try again to turn it. Before you start put lots of oil or lubricant on the bolt and let it soak in. The other way is if you have a welder weld a nut to the top of the bolt. You have to be a good welder to to this. Place the nut on the bolt and weld in the center of the nut. The heat from the weld helps losen the bolt, then just turn the nut with the wrench. If none of this works, go to plan B.