Balanta signed for the club in September 2014 and went on to make 18 appearances for Darrell Clarke's side scoring just the one goal.
Born in Colombia, Balanta moved to England and progressed through the QPR youth system, before breaking into the first team in 2007.
He made his first team debut as a substitute in December 2007, and his first start for the club later the same month.
In November 2008, Balanta moved on loan to League Two side Wycombe Wanderers for three months.
In June 2010 he moved on loan MK Dons for the entire season, before going back for a further two spells with them.
After returning to QPR he moved to Yeovil on loan in March 2013, where he saw out the rest of the 2012/13 season and in July 2014 Balanta was released by QPR after seven years with the club.
Once signed for Darrell Clarke's side, Balanta suffered a thigh injury that kept him out of action until November where he came off the bench to score the winner against title rivals Barnet. However, a majority of Angelo's appearances came from the substitutes bench.
Rovers boss Darrell Clarke said "We offered Angelo a short-term deal which he has turned down so I wish Angelo all the best in the future.
"He [Balanta] has a chance now to try and earn himself a contract at another club, and we wish him well and thank him for his efforts.”