Under "Backup Disks" select the existing backup disk — the one named "Data". Click Remove Disk. Confirm the selection that appears next, "Stop Using This Disk."
The Preferences pane will then ask you to select a backup disk. It will appear under "Available Disks" exactly as it does now. Select that disk, then Use Disk.
You may or may not encounter a dialog informing you that you are already using that disk and if you want to continue using it or start a new backup. That choice is up to you. If you choose to start a new backup, the existing backup will be erased.