Its not a bad plan, but the US wont be building it. It will be co-leased with Russia. Taken from a Russian news site and also seems to be more common then your story.

BAKU, June 7 (RIA Novosti) - Azerbaijan is willing to hold bilateral and multilateral talks with Russia and the United States on the joint use of a radar installation in the country, a senior diplomat said Thursday.
Zimzum Reviewed by Zimzum on . Putin suggests new missile shield site HEILIGENDAMM, Germany - Russian President Vladimir Putin, bitterly opposed to a U.S. missile shield in Eastern Europe, told President Bush on Thursday that Moscow would drop its objections if the system were located in Azerbaijan. Putin told Bush he would not seek to retarget Russian missiles on Europe if the United States agreed to put the radar-based system in Azerbaijan, a former Soviet republic bordering the Caspian Sea. Bush's reaction to Putin's idea was: Rating: 5