Drywall32 wrote:
Will this not delete all the files on the disk though? I want to save whats on it
Yes, in fact, it will delete all the files stored on that drive.
I empathize with your desire to save the data that's on the drive. This situation is a perfect example of why one should employ multiple backups of any important data. Take this opportunity to start another TM backup set on a new drive so you'll have a current and accessible backup of the data that now resides only on your computer.
Please tell us a little bit more about the drive.
How old is it?
What is the capacity?
How much free space does Disk Utility say it has?
What is the drive format?
You might run the diagnostic app Drive DX from Binary Fruit and see what it has to report about the overall health of the drive.
And +1 to the guidance provided by our friend @neuroanatomist regarding preparing a new drive for Mac use. 👍🏽