Yes, it is possible but, as I'm not at my home PC right now, I can't say it exactly.
Anyway, what is possible is, to change the location of the save-folder, so not the "path" itself, but the location of the folder under Windows. I did it with mine and it is now located on a drive which I do use for all my saves.
As I said, I don't know it anymore by heard, but it should have been something like right click on the save-folder and then under "Properties" change the entry for "location".
I hope it will work for You or someone show up with a better explanation!