TF10121: The path '' is not found or not supported. Type or select a different path

When working with a Web site within Visual Studio 2010 the Source Control window displayed the error message: TF10121: The path '[Web Site Url]' is not found or not supported. Type or select a different path.

There are a bunch of different articles out there around how to resolve this problem. Basically the reference article below titled TF10121: The path '' is not found or not supported. Type or select a different path (VS.NET) has the answer that worked. Open the affected solution (containing the web site that displays this error). Remove the affected project. Re-add the project.

This did the trick!

The article below also mentions a more low-level resolution if that does not work correctly (listed as a work-around) under which you manually remove the binding information.

Reference:
TF10121: The path '' is not found or not supported. Type or select a different path (VS.NET)