Is it possible to bake materials colors to texture?

I am working on simple project and I want to bake the materials colors to texture. Is it possible?

Yes, the Render / Bake panel

yes, it is possible.

In the Properties, down in the render tab, there’s a panel ‘Bake’.
in Blender Internal, bake the ‘Textures’.
in Cycles, bake the ‘Diffuse Color’.

Further reading and step by step info:

edit: Richard Marklew has faster fingers :wink: