Wright will face either Jonny Clayton or Vincent van der Voort later after producing a brilliant spell in the back end of the match to win through 10-6 with a 98.8 average, five 180's and 55% on the doubles.
Wright opened up a 3-1 lead on Van Gerwen to begin proceedings but it went into the break at 3-2 with MVG landing a 12-darter.
Van Gerwen produces three legs on the spin finished with a 72 checkout from there to make it 4-3 before Wright regained the lead with a superb 108 checkout.
Despite a massive disparity in the averages, Wright could have led at the next interval but Van Gerwen got back onto level terms.
But a pivotal break aided Wright's cause on return as Van Gerwen left a double after 12 only for Wright to take out 92 using double 18, double 18 for a 6-5 lead.
He moved two clear from there finishing 60 and was suddenly one away with a break of throw. Wright was throwing for the match which he concluded with a 76 checkout.
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𝗪𝗥𝗜𝗚𝗛𝗧 𝗞𝗢'𝘀 𝗩𝗔𝗡 𝗚𝗘𝗥𝗪𝗘𝗡!
There will be no seventh Players Championship Finals title for Michael van Gerwen this year...
Peter Wright hung in there and came on strong in the second half of the contest to go through to the semis.