"It’s always very sad to part company with friends and without doubt Stevie Elliott will always be regarded by me and I am sure everyone else associated with our club as a great friend," Baker said.
"His contribution, attitude, leadership and commitment have never been in doubt, he has led by example and has been a fantastic ambassador.
"In the same way that Steve is fondly remembered by fans at Bristol Rovers, he will always be regarded here as a fans' favourite and a legend.
"There will always be a very warm welcome for him here at Whaddon Road in whatever capacity, I wish him all the very best in his future career."
Watch an exclusive video interview with Steve Elliott discussing his depature here.