Microsoft Team Foundation Server 2010 can automatically install and configure Windows SharePoint Services 3.0. However, it is absolutely possible to use SharePoint 2010. Below are the steps I have followed to make it working:
1. Primarily, I have installed SharePoint 2010, activated Excel Services Application and Secure Store Service, and created a Web application and a site collection. If necessary, you can also activate other service applications.
2. Secondly, I have installed Microsoft Team Foundation Server 2010 selecting the Team Foundation Server and Extensions for SharePoint features. If necessary, you can also select the other available features.
3. During the configuration, I have chosen the Advanced option to utilize the SharePoint instance I have previously installed.
4. In the SharePoint Products part of the configuration, I have selected the Use an Existing Server Farm for SharePoint option specifying the site and administration URLs.
5. After completing the configuration, I have connected to my Team Project and created a new Team Project using Microsoft Visual Studio 2010.
6. And there we go, I now have a project site and dashboard in SharePoint 2010.
I hope this would help!