It is technically possible to store smaller values, the catch seems to be that they need to be the result of a calculation and not a literal value. According to Paul's answer here (also on DBA.StackExchange), What is the actual lowest possible positive REAL number, the true smallest positive value for a FLOAT is: 4.94065645841247E-324. As long as you don't need anything smaller, this should be doable. You just need to make sure to stay within the initial limit of 2.23E-308.
So, you can think of E-307 as being the "limit", and if your exponent is beyond 307, then just make it be 307. Then, either divide that literal by 1.0e+{original_exponent - 307} OR multiply that literal by 1.0e-{original_exponent - 307}.
I'm not sure if there are any computational consequences of doing this, so you should certainly test. The one thing I did notice was a small loss of precision in your original value: the last two digits of 27 got rounded up to be 3.
Test Setup (run once)
CREATE TABLE #FloatTest (ID INT IDENTITY(1, 1), TheFloat FLOAT);
Test 1 (store value in variable and then in a column)
-- Original value = 2.466987305926227e-314
-- {original_exponent - 307} = 314 - 307 == 7
DECLARE @LessThan FLOAT;
SET @LessThan = 2.466987305926227e-307 / 1.0e+7; -- divide by "plus"
SELECT @LessThan AS [FloatVariableFromDivide];
SET @LessThan = 2.466987305926227e-307 * 1.0e-7; -- multiply by "minus"
SELECT @LessThan AS [FloatVariableFromMultiply];
INSERT INTO #FloatTest ([TheFloat]) VALUES (@LessThan);
SELECT tmp.[TheFloat], tmp.[TheFloat] / 1.0e+5 AS [EvenLesserThan]
FROM #FloatTest tmp;
Returns:
FloatVariableFromDivide
2.46698730592623E-314
FloatVariableFromMultiply
2.46698730592623E-314
TheFloat EvenLesserThan
2.46698730592623E-314 2.46696858281451E-319
Test 2 (grab the value from the table and place in a variable)
DECLARE @FromTable FLOAT;
SELECT @FromTable = tmp.[TheFloat]
FROM #FloatTest tmp;
SELECT @FromTable AS [FromTableVariable],
@FromTable / 1.0e+7 AS [EvenMoreLesserer];
Returns:
FromTableVariable EvenMoreLesserer
2.46698730592623E-314 2.46538757274782E-321