There is a work around to do this. Attache the drive to the router (assuming it supports Time Machine) then start a backup to the disk using Time Machine. Give it a couple minutes to get started, then stop it and disconnect.
Now attach the drive to the Mac over USB. Look in Finder and you will see a sparse bundle with the partial Backups.backupdb file there. Just delete that file and empty the trash.
Now turn on Time Machine and do a full backup. When it is done you will have the full Backups.backupdb on the drive. Just move that from the root of the drive into the sparse bundle. Now connect it back to the router and turn TM back on. It will pick up where it left off with incremental backups going forward.