I had the same error today. In my case, the problem was that I first pansharpened my satellite imagery, so it was put into the standard geodatabase. However, then the imagery was disconnected from the RPB file, which contains the RPC information. When applying the orthorectification tool on the original imagery, having the RPC file in the folder, it worked (it was a World View 4 image).
In the error description, did you read that "When storing a raster dataset in a geodatabase, no file extension should be added to the name of the raster dataset."
Hope that helps