This was cross posted on Database Administrators so I might as well post my answer from there here too to help future searchers.
It can be done as a metadata only change (i.e. without migrating all the data to a new table) using ALTER TABLE ... SWITCH
.
Example code below
/*Create table with option off*/
SET ANSI_NULLS OFF;
CREATE TABLE dbo.YourTable (X INT)
/*Add some data*/
INSERT INTO dbo.YourTable VALUES (1),(2),(3)
/*Confirm the bit is set to 0*/
SELECT uses_ansi_nulls, *
FROM sys.tables
WHERE object_id = object_id('dbo.YourTable')
GO
BEGIN TRY
BEGIN TRANSACTION;
/*Create new table with identical structure but option on*/
SET ANSI_NULLS ON;
CREATE TABLE dbo.YourTableNew (X INT)
/*Metadata only switch*/
ALTER TABLE dbo.YourTable SWITCH TO dbo.YourTableNew;
DROP TABLE dbo.YourTable;
EXECUTE sp_rename N'dbo.YourTableNew', N'YourTable','OBJECT';
/*Confirm the bit is set to 1*/
SELECT uses_ansi_nulls, *
FROM sys.tables
WHERE object_id = object_id('dbo.YourTable')
/*Data still there!*/
SELECT *
FROM dbo.YourTable
COMMIT TRANSACTION;
END TRY
BEGIN CATCH
IF XACT_STATE() <> 0
ROLLBACK TRANSACTION;
PRINT ERROR_MESSAGE();
END CATCH;
WARNING: when your table contains an IDENTITY column you need to reseed the IDENTITY value.
The SWITCH TO will reset the seed of the identity column and if you do not have a UNIQUE or PRIMARY KEY constraint on the identity (e.g. when using CLUSTERED COLUMNSTORE index in SQL 2014) you won't notice it right away.
You need to use DBCC CHECKIDENT ('dbo.YourTable', RESEED, [reseed value]) to correctly set the seed value again.