In order to use a processor, it must be socket, board/system and BIOS compatible. Sounds like the BIOS does not have support for this processor and/or the laptop itself does not have a cooling system designed to cool this higher-end processor.
While I am at it, I should point out that this is a complete waste of money. You should be saving up to replace the whole unit, not wasting money on an upgrade that will do little for you (you are still going to have a 10-year-old system that needs replacing).
Thank you for posting on the Intel® communities. We hope that the assistance provided by the community has been helpful.
Also, we would like to inform you that due to the Intel® Core™ i3-330M Processor and Intel® Core™ i7-740QM Processor have been discontinued, Intel Customer Service no longer supports inquiries for it, but perhaps fellow community members have the knowledge to jump in and help. You may also find the Discontinued Products website helpful to address your request.
You can verify this product's discontinuance status at the following link:
Intel® Product Specifications > Product Status > "Discontinued".
We understand you have opened a chat with us. If you need further assistance with other Processor models (under active support) regarding this inquiry, then we will continue to help you through that channel. We will therefore close this community case from our end.
Intel Customer Support Technician