Blender 2.74.5 from builder
Blender give the "No objects or images found to bake to" when the active object have "SubSurf Modifier" in Blender Internal Bake.
If you set render subdivision to 0 the bake work fine.
In the attached scene you can see the error.
1- hit BAKE... allright!
2- set ball's render subdivisions to 2.
3- hit bake... error..
Thanks a bunch!!