I just successfully moved my C:\ project into my portable M:\ drive.
- Create an Identical project in the desired file path.
- Open original project
- Find the Java files on the side bar copy them all to the clipboard.
- Open the "new" project
- Paste the files in the appropriate java folder (overwrite as needed)
- Do the same for your activity files, pasting them to the layout folder. (overwrite as needed).
- Save the new project and close the application.
- Launch Android Studio
- Open your "new" project.
- Android Studio will ask you to choose between the original or the Project Settings.
- Choose the Project settings, ignoring the default settings button.
- Android Studio will re-build your "new" project in the new file path destination.
- The Emulator will appear broken, select repair device.
- Run your "new" project.
- All should be running well. (remembering that the original is still safe and sound, launching the original will take you to step 10, choose the default settings to revert to the previous state.
I know it's a bit of a drag, but this is the only working method I have found to move a project from one destination to another and still have a viable work product.
PS: I was searching for this query about an hour ago, with no success. After getting a positive result myself I thought I would share the result with the community... even if the thread is two years old and already marked as answered. After all, it may help the next person who is searching for a quick result, like I was.