Draw Arched "Rectangle" Around Circle:
Below is a macro that draws the desired shape around the circle:
\DrawAlong{(Center)}{\Radius}{\Separation}{120}{60}
yields the blue shape from 120 to 60 degrees, and
\DrawAlong[draw=black,fill=yellow, fill opacity=0.4]{(Center)}{\Radius}{\Separation}{-30}{-60}
yields the filled in yellow shape from -30 to -60 degrees:

Further Enhancements
- The code can probably be greatly simplified by using polar coordinates.
Code:
\documentclass{article}
\usepackage{tikz}
\usetikzlibrary{calc}
\newdimen\XCoord%
\newdimen\YCoord%
\makeatletter
\newlength{\My@OuterArcRadius}
\newlength{\My@InnerArcRadius}
\newlength{\My@OuterXStart}
\newlength{\My@OuterYStart}
\newlength{\My@OuterXEnd}
\newlength{\My@OuterYEnd}
\newlength{\My@InnerXStart}
\newlength{\My@InnerYStart}
\newlength{\My@InnerXEnd}
\newlength{\My@InnerYEnd}
%
\newcommand{\DrawAlong}[6][]{%
% [#1] = style (optional)
% {#2} = center
% {#3} = radius
% {#4} = separation
% {#5} = arch angle start
% {#6} = arc angle end
\def\My@center{#2}%
\def\My@radius{#3}%
\def\My@separation{#4}%
\def\My@arcStart{#5}%
\def\My@arcEnd{#6}%
%
\pgfmathsetlength{\My@OuterArcRadius}{\My@radius+\My@separation}
\pgfmathsetlength{\My@InnerArcRadius}{\My@radius-\My@separation}
%
% Extract coordinates of center: (XCoord,YCoord)
% https://tex.stackexchange.com/questions/33703/extract-x-y-coordinate-of-an-arbitrary-point-in-tikz/33706#33706
\path \My@center; \pgfgetlastxy{\XCoord}{\YCoord}
%
\pgfmathsetlength{\My@OuterXStart}{\XCoord+(\My@OuterArcRadiuscos(\My@arcStart))}
\pgfmathsetlength{\My@OuterYStart}{\YCoord+(\My@OuterArcRadiussin(\My@arcStart))}
\pgfmathsetlength{\My@OuterXEnd}{\XCoord+(\My@OuterArcRadiuscos(\My@arcEnd))}
\pgfmathsetlength{\My@OuterYEnd}{(\YCoord+\My@OuterArcRadiussin(\My@arcEnd))}
%
\pgfmathsetlength{\My@InnerXStart}{\XCoord+(\My@InnerArcRadiuscos(\My@arcStart))}
\pgfmathsetlength{\My@InnerYStart}{\YCoord+(\My@InnerArcRadiussin(\My@arcStart))}
\pgfmathsetlength{\My@InnerXEnd}{(\XCoord+\My@InnerArcRadiuscos(\My@arcEnd))}
\pgfmathsetlength{\My@InnerYEnd}{(\YCoord+\My@InnerArcRadius*sin(\My@arcEnd))}
%
\draw [ultra thick, blue,#1]
(\My@OuterXStart,\My@OuterYStart)
arc (\My@arcStart:\My@arcEnd:\My@OuterArcRadius)
-- (\My@InnerXEnd, \My@InnerYEnd)
arc (\My@arcEnd:\My@arcStart:\My@InnerArcRadius)
--cycle;
}%
\makeatother
\begin{document}
\newcommand{\Radius}{2cm}%
\newcommand{\Separation}{0.2cm}%
%
\begin{tikzpicture}[ultra thick]
\coordinate (Center) (1cm,3cm);
\DrawAlong{(Center)}{\Radius}{\Separation}{120}{60}
\DrawAlong[draw=black,fill=yellow, fill opacity=0.4]{(Center)}{\Radius}{\Separation}{-30}{-60}
\draw [red ] (Center) circle (\Radius);
\end{tikzpicture}
\end{document}
Draw Rectangle Around Circle:
If you know the radius of the circle, you can simple coordinate calculations to draw the rectangle. The circle radius is specified in \Radius and \Separation defines the separation you want between the circle and rectangle:

Alternatively, you could define a custom shape that has a rectangle around the circle, then simply using it as a node shape you would obtain the desired results:

Code: Known Radius:
\documentclass{article}
\usepackage{tikz}
\usetikzlibrary{calc}
\newcommand{\Radius}{2cm}%
\newcommand{\Separation}{2pt}%
\begin{document}
\begin{tikzpicture}[ultra thick]
\coordinate (Center) (1cm,3cm);
\draw [red ] (Center) circle (\Radius);
\draw [blue] ($(Center)-(\Radius,\Radius)-(\Separation,\Separation)$) rectangle (\Radius+\Separation,\Radius+\Separation);
\end{tikzpicture}
\end{document}
Code: Node Shape
This is a modified version from How to draw inside a TikZ node, using node style?
\documentclass{article}
\usepackage{tikz}
\makeatletter
\pgfdeclareshape{CircleRectangle}
%
% Rectangle with an inscribed circle. Based on 'circle' shape
%
{%
% All anchors are taken from the 'circle' shape:
\inheritsavedanchors[from={circle}]%
\inheritanchor[from={circle}]{center}%
\inheritanchor[from={circle}]{mid}%
\inheritanchor[from={circle}]{base}%
\inheritanchor[from={circle}]{north}%
\inheritanchor[from={circle}]{south}%
\inheritanchor[from={circle}]{west}%
\inheritanchor[from={circle}]{east}%
\inheritanchor[from={circle}]{mid west}%
\inheritanchor[from={circle}]{mid east}%
\inheritanchor[from={circle}]{base west}%
\inheritanchor[from={circle}]{base east}%
\inheritanchor[from={circle}]{north west}%
\inheritanchor[from={circle}]{south west}%
\inheritanchor[from={circle}]{north east}%
\inheritanchor[from={circle}]{south east}%
\inheritanchorborder[from={circle}]%
%
% Only the background path is different
%
\backgroundpath{%
% First the existing 'circle' code:
\pgfutil@tempdima=\radius%
\pgfmathsetlength{\pgf@xb}{\pgfkeysvalueof{/pgf/outer xsep}}%
\pgfmathsetlength{\pgf@yb}{\pgfkeysvalueof{/pgf/outer ysep}}%
\ifdim\pgf@xb<\pgf@yb%
\advance\pgfutil@tempdima by-\pgf@yb%
\pgfutil@tempdimb=\pgfutil@tempdima%
\else%
\advance\pgfutil@tempdima by-\pgf@xb%
\pgfutil@tempdimb=\pgfutil@tempdima%
\fi%
\pgfpathcircle{\centerpoint}{\pgfutil@tempdima}%
%
% Now the outer rectangle
\pgfmoveto{\pgfpointadd{\centerpoint}{\pgfpoint{-\pgfutil@tempdima}{-\pgfutil@tempdima}}}%
\pgflineto{\pgfpointadd{\centerpoint}{\pgfpoint{\pgfutil@tempdima}{-\pgfutil@tempdima}}}%
\pgflineto{\pgfpointadd{\centerpoint}{\pgfpoint{\pgfutil@tempdima}{\pgfutil@tempdima}}}%
\pgflineto{\pgfpointadd{\centerpoint}{\pgfpoint{-\pgfutil@tempdima}{\pgfutil@tempdima}}}%
\pgflineto{\pgfpointadd{\centerpoint}{\pgfpoint{-\pgfutil@tempdima}{-\pgfutil@tempdima}}}%
}%
}
\makeatother
\begin{document}
\begin{tikzpicture}
\node [draw=blue, CircleRectangle, inner sep=1pt] at (2,0) {text};
\end{tikzpicture}
\end{document}