I get this error when trying to \"Go Online\" with a project on a Visual Studio 2010 ALM project.
The project was previously connected to a team project on Team Fou
Changing the path for a new workspace folder was not an option for me since the source control repository was way too large to download again.
What I did was re-binding the projects within the solution. In order to do this,
go to FILE -> Source Control -> Advanced -> Change Source Control
Visual Studio will warn you that the binding of all projects will be removed, click ok.
After that click on the 'change source control' again and the list of all projects will appear as not connected. Choose the projects which were previously source controlled and click on 'bind' for each one.
Hopefully the bindings will be set automatically.