The pair are two of the game's most powerful scorers and the world number one and two respectively hold 17 world titles between them.
World number one Taylor has already long secured his place at the O2 in May for another title challenge and will be out to maintain his unbeaten record this season by beating his former protege.
World champion Lewis remains the only player to have taken anything from the Power this season after he earned a draw in a thriller on opening night despite leading 6-1.
A bout of inconsistency however has dented his prospects of joining the master on finals night and the world champion will realise the importance of this one as he prepares for his biggest game of the season so far.
Both players possess incredible scoring power, but the game could come down to the finishing, with Lewis needing to match Taylor and more in that department if he is to avoid being cut adrift from fourth spot.
The duo have met 41 times in total since 2004 and Taylor has unsurprisingly dominated proceedings with 35 wins.
Their last meeting came on the opening night of the Premier League and saw both players walk away with a point following an enthralling 7-7 draw which saw Taylor stage in incredible recovery from 6-1 behind.
The bookmakers make Taylor the inevitable odds-on favourite at 4/11, with Lewis priced at 4/1 for victory. The chance of a repeat 7-7 result is 11/2 also with Bet365
The match gets underway at 9.30pm and will be streamed live over the best of 14 legs from the BIC, Bournemouth.