It was reported that Baxter - who played Professor Litefoot in Doctor Who back in 1977 and has since gone on to star in the likes of Jack the Ripper, Doctors and My Family - had passed away earlier today, but no further details have yet been announced.
Big Finish producer David Richardson paid tribute to the beloved star, saying: "In the nine years that I knew and worked with him, Trevor Baxter never stopped laughing. Even when he first joined Big Finish...he was not a well man, but his illness never seemed to dampen his joy of life.
"He loved reading – he didn't own a TV but read books on his Kindle voraciously. He loved classical music, and could talk about it with passion and at length."
“He was a hugely intelligent man with great taste, and yet he never made you feel uncomfortable if you didn't match his intelligence or taste. It was simply a joy to listen to him talking passionately," he added.
Not ending his touching words there, Baxter continued: ”He also loved Jago and Litefoot, which kept him busy in the final years of his life, and he would listen to every single episode in every single release off the press, and write to me and tell me what he loved (which was usually everything).
"He adored working with Big Finish, but most of all he adored his co-star Christopher Benjamin, who he would tease mercilessly throughout every hour of every recording day. Those precious days (I think there might have been 60 of them) that I spent in their company were some of the happiest of my working life."
"Such a sad day. Doctor Who has lost one of its legends, and we've lost a dear friend," Baxter went on.
As well as starring in numerous TV shows, Baxter also appeared on stage with the RSC and in the West End, toured Shakespeare in South America with Sir Ralph Richardson, and appeared in the USA in David Mamet's A Life in the Theatre at Shakespeare Santa Cruz in 1986.
He appeared in many films as well, including Nutcracker (1983), Parting Shots (1999), Sky Captain and the World of Tomorrow (2004) and Van Wilder: The Rise of Taj (2006).