How to Switch HD for your Time Machine Volume

Time Machine is now a default function, and many users have already benefit from its usage, being able to browse back to previous versions of a document in case of a HD crash or simply accidentally deleting a file or a folder. However, Time Machine is not fully user friendly as there is no default procedure to follow in case you want to change the HD of you Time Machine volume (to further increase the storage space, or any reason). You will have to clone the HD, and then define it as the new TM volume; however, there is no published procedure.
MacFixit provides a detailed protocol. In summary, you will have to deactivate Time Machine, and then clone the backup volume to a new HD, then named it exactly the same way as the original one, then activate Time Machine and define the new HD as you new backup volume. this will not be perform in 5 minutes, so plan couple of hours if your current backup includes hundreds of GB of data.