Time Machine Backup full

So my Time Machine back-up disk is full. My back up disk was a 650Mgb external Hard drive. My plan is to get a new 2 or 4 TB hard drive to use as my new backup disk.

I want to continue to have access to my current back-ups. Is there any way that I can put the current back-up files on the new drive and then use the new drive as by TM back-up disk so that I can have access to all of my backup files? (so that I could re-format the current external HD and use it for something esle)?

Thanks
-spg

 

Thank you, that answered it for me!
-SPG