As LarryHN says the ability to do this has been removed since at least iPhoto 08 or 09, but in the event you really need to resurrect an old iPhoto picture there is a workaround.
Using Time Machine, restore the entire iPhoto Library to a different location - say, a folder on your Desktop. Then, launch iPhoto while holding an Option key. This will cause iPhoto to prompt you to choose your iPhoto Library. Select the restored iPhoto Library, locate the photo(s) and export them to the Desktop or other convenient location.
Quit iPhoto, trash the restored Library, open iPhoto, and import the previously exported photo(s).