You could set the timeout using the connectionstring.
From msdn How to: Define the Connection String
<connectionStrings>
<add name="AdventureWorksEntities"
connectionString="metadata=.\AdventureWorks.csdl|.\AdventureWorks.ssdl|.\AdventureWorks.msl;
provider=System.Data.SqlClient;provider connection string='Data Source=localhost;
Initial Catalog=AdventureWorks;Integrated Security=True;Connection Timeout=60;
multipleactiveresultsets=true'" providerName="System.Data.EntityClient" />
</connectionStrings>
Note the relevant part:
Connection Timeout=60;
Edit:
I just read here there is a known bug when you set the TimeOut in the Entity Framework ConnectionString. So you might want to set the TimeOut directly on the context as noted in the answer.
this.context.CommandTimeout = 60;
Or:
((IObjectContextAdapter)this.context).ObjectContext.CommandTimeout = 60;