Unable to format / erase hard drive

I have an external HD that died on me a while ago and I'm trying to see if I can format / erase it to start using it again.

The disk does not show up in Finder but I can see it in Disk Utility. When I try to erase it from there I get

Disk Erase failed with the error:
POSIX reports: The operation couldn’t be completed. Cannot allocate memory

When I try to verify the volume:

diskutil verifyVolume /dev/disk2
Error starting filesystem verification for disk2: Unrecognized filesystem (-9958)

I've tried running a surface scan in Techtools Pro, it processed 650 blocks and all were bad. I cancelled the operation cause it was very slow.

Diskutil info /dev/disk2 tells me:

Device Identifier:        disk2
   Device Node:              /dev/disk2
   Part Of Whole:            disk2
   Device / Media Name:      WD Ext HDD 1021 Media

   Volume Name:              
   Escaped with Unicode:     

   Mounted:                  No

   File System:              None

   Partition Type:           None
   Bootable:                 Not bootable
   Media Type:               Generic
   Protocol:                 USB
   SMART Status:             Not Supported

   Total Size:               2.0 TB (2000396746752 Bytes) (exactly 3907024896 512-Byte-Blocks)
   Volume Free Space:        Not Applicable

   Read-Only Media:          No
   Read-Only Volume:         Not applicable (no filesystem)
   Ejectable:                Yes

   Whole:                    Yes
   Internal:                 No
   OS 9 Drivers:             No
   Low Level Format:         Not Supported

I've also tried:

diskutil eraseDisk JHFS+ Stef2TB /dev/disk2
Started erase on disk2
Unmounting disk
Creating partition map
Waiting for disks to reappear
Formatting disk2s2 as Mac OS Extended (Journaled) with name Stef2TB
Error: -9944: File system formatter failed

Can I salvage this drive somehow or is it ready for the trash?