It's the final that was forecast by many before a dart was thrown, and one which could witness a changing of the guard in terms of darting dominance in the years to come.
The ultimate battle of youth versus experience sees 52-year-old Taylor, the 15-time World Champion who has dominated this sport over three decades, up against a player 29 years his junior and out to fulfill his darting destiny by lifting the title for the first time.
World finals have become second nature to Phil Taylor, and incredibly, he is appearing in his 17th PDC world final out of a possible 20 since the event began in 1994, but the Stoke legend will enter the stage under a dark cloud, after a run-in with Raymond van Barneveld which has arguably over-shadowed his brilliance in reaching this stage.
The Power was involved in an altercation with his old rival following their Semi-Final 48 hours ago, and has since admitted his shame to the incident and even hinted at a possible imminent retirement from the sport he has become synonymous with down the years.
Taylor, however, looks to put that event behind him by clinching a sweet 16th world title and arguably more importantly to him, become the first recipient of the stunning new Sid Waddell trophy.
Until the penultimate stage, Taylor had unconventionally fallen somewhat under the radar so far, but has gone about his business as clinically as ever on the board, dropping just one set in victories over Michael Mansell, Jerry Hendriks, Robert Thornton and Andy Hamilton, before fending off a late rally to defeat van Barneveld 6-4.
The Stoke star has not been at his emphatic best since winning the World Matchplay in July, but has re-affirmed himself as the clear world number one with his run to the penultimate stage of darts' show-piece event this week, and few would deny that a 'Power Surge' may be just around the corner as he looks to finally halt the green Dutch machine.
Van Gerwen has finally fulfilled the potential he showed after bursting onto the scene as a 15-year-old prodigy, and stands on the brink of darting history as he aims to become the PDC's youngest ever World Champion to add to his World Grand Prix crown and seven ProTour titles this year alone.
The young Dutch sensation has transferred his ruthless form of the past three months onto the world stage and has produced countless moments of magic en route to the final, most notably his 17 perfect darts just two days ago.
The rampant youngster banished a series of near misses by finally producing a sensational nine-darter on the Ally Pally stage, and was the width of the wire away from creating history by becoming the first player ever to achieve the feat in back-to-back legs.
Provisionally world number four and a Premier League certainty, Mighty Mike could rise as high as number two following the final; he despatched Paul Lim, Peter Wright and Colin Lloyd in securing his last eight spot, before edging out Adrian Lewis in a tie break set in one of the greatest matches ever witnessed on the world stage, before making the world sit up and take notice with his Semi-Final win over James Wade.
The 23-year-old will feel his name is engraved on the trophy as he has defied a foot injury plus two missed darts from Lewis to put him out of the competition in the Quarter-Finals, now it looks like taking something special even from the governor himself to prevent him from going all the way.
Taylor will undoubtedly be out for revenge after his crushing 10-5 defeat to MVG in the Grand Slam final a month ago, a result which will give the starlet added believe that he can serve up a similar punishment on the biggest stage of all.
The pair have navigated their way through a series of gruelling tests over the past fortnight to reach the penultimate stage of darts' show-piece event, and neither will want the run to end agonisingly short at the final hurdle.
Van Gerwen has demonstrated his relentless scoring power on multiple occasions over the past fortnight, but has shown the tendency to miss doubles, something which he can ill-afford to do against the predatory Taylor, who is likely to use his vast experience to settle into the game quickly.
The duo have met a total of 20 times in previous major competition over the past five years and Taylor has dominated proceedings having claimed victory on 16 of those occasions, but has crucially lost two of their three encounters in 2012.
The match begins at around 8.30pm GMT and will be streamed live over the best of 11 sets from the Alexandra Palace in London.
Ladbrokes are once again the title sponsors of the event and will be streaming every match live and uninterrupted on their live streaming service, meaning you needn't miss a dart.
You'll be able to watch a huge number of live streams direct from the World's most trusted bookmaker and you'll even be able to stream to your phone!
To watch the match live at Ladbrokes simply:
- Go to Ladbrokes and sign up using the promo code LIVEDARTS
- Sign-in to the Ladbrokes service
- Select 'Darts' from the left-side menu
- Choose the 'watch' icon next to the match name
- Sit back and watch superb quality live darts from the world famous Alexandra Palace!