How do I escape single quote in a formula field?

How do I escape single quote in a formula field? For example, how do I create a formula field with a return type "Text" which converts all single quotes in another field to dashes? When I tried the following:

Replace(${Leads.City}, '\'', '-')

It failed with an error "Missing Quote". The slash is not recognized as an escape character. Is there another way to do this?