Blender's render pipeline supports rendering to UV texturemaps as well. This is only supported for Mesh Objects with texture faces and Images assigned. Good results can only be achieved when the Mesh has properly unwrapped UV coordinates.
To activate Render Baking, press the hotkey CTRL+ALT+B, use the buttons in the Scene buttons context, or use the pulldown menu "Render" in top header. Baking then happens for all selected Mesh Objects.
Some notes:
Normals all have to point to the correct directions.
Used texture Images get cleared to black before baking.
The specular color is not included, because this is only valid for camera position.
You can press ESC any time to stop baking.
After baking, a filter is applied extending the baked colors one pixel, this to prevent inaccuracies (black seams) for texture mapping.
After baking, textured display in the UI is updated. Note that Images then still have to saved manually.
