Rovers sacked previous boss Taylor after losing three league matches in succession, without scoring once.
The Gas are 19th in the League One table, three points above the relegation zone having won just six league games this season.
“Inigo is someone I have followed for a long time, both as a player and as a coach,” director of football George Friend said.
“He already has a thorough understanding of English football and the culture of the game here.
“Inigo is an excellent coach and what has become obviously clear from our conversations is that he is full of the character, ambition and enthusiasm to not only be the best head coach he can, but to help drive Bristol Rovers to success too.
“We are all excited for what Inigo will bring to our squad, our staff, and our supporters.”
Rovers say that Calderon will be in attendance at St James’ Park to watch his side play Exeter City on Boxing Day before beginning work with the squad on Friday.
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