24" iMac M1 with old iMac as dual monitor

Hi!

I just got my 24" iMac and I love it! I have an iMac from late 2012 that is just collecting dust. Is it possible to breath new life into this as a second monitor? I have tried to connect them with thunderbolt cable and adapter to than press cmd+f2 but it doesn't work. Is there another way, am I doing it wrong or is it not possible?

Thank you in advance!