Android Studio external project library shared among multiple projects

I have a library that is referenced by 12 projects already built in Eclipse. Is it possible to reference external library projects in Android Studio (v0.8.9)/Gradle-2.0 in completely different directories in Windows? If so, How? Notice that is requirement to have separate folders in different levels and outside each project’s folder. Thanks for your time.

I made it work (with some help). You can check the first edit of my question at StackOverflow that has the solution:

Hope it helps!

This no longer works in version 1.0.1?