Unable to connect to Team Foundation Server giving error TF31002

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.NET

VS2010

.NET4

Hi,

I am not able to connect to team foundation server giving error TF31002

I have cleared cache and rebooted the system and disabled firewall, but still facing the same problem as

TF31002: Unable to connect to this Team Foundation Server: https://SERVERNAME/tfs/projectName
Team Foundation Server Url: https://SERVERNAME/tfs/projectName

Possible reasons for failure include:
- The name, port number, or protocol for the Team Foundation Server is incorrect.
- The Team Foundation Server is offline.
- The password has expired or is incorrect.

Technical information (for administrator):
The operation timed out

Please help me out to solve the issue.
Thanks