If your running a Premium Disk SSD v2 and Ultradisk, these can be increased up to 64 TB, but for Premium SSDs, Standard SSDs etc there is a cap on 32 TB.
Even if you can increase it with the Premium Disk v2, keep in mind that Azure Backup only support disks up to 32 TB.
What are the largest disk sizes supported by Azure Backup and Azure Site Recovery service?
The largest disk size supported by Azure Backup is 32 TiB (4 TiB for encrypted disks). The largest disk size supported by Azure Site Recovery is 8 TiB. Support for the larger disks up to 32 TiB is not yet available in Azure Site Recovery.
Your best bet would be to add another Disk, and you could add the other disk then span the volume:
Azure will just see it as separate disks and back it up, but keep this configuration in mind if you were to restore the VM, you may need to restore all the data disks as well.