I believe this is what Jordan Schroeder did last year. He signed an ATO, couldn't be called up by the Canucks, but also didn't burn a year in his ELC.
http://www.moosehock.../roster/292/112
His ELC is still in effect for three more years after the 2009-2010 season, when he played for the Moose:
http://capgeek.com/p...lay.php?id=1645
Not sure if it works different for a euro-player, but I believe Rodin would be in the same situation.