Konta, who has the hopes of the home nation on her shoulders after men's champion Andy Murray went out in the quarter-finals on Wednesday, became the first British woman to reach the last four in almost 40 years when she beat Romanian Simona Halep.
Standing between sixth seed Konta and a shot at a first grand slam title, however, will be one of Wimbledon's most decorated daughters who has won five singles and six doubles titles at the All England Club.
The achievements of the 37-year-old Venus and her younger sister Serena are a remarkable part of Wimbledon's history, with the siblings having lifted the famous Rosewater Dish trophy in 12 of the last 17 tournaments, and Konta is full of admiration.
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"I think what Venus and her sister have given our sport is absolutely tremendous. The way they've elevated women's tennis is truly inspiring. So I feel very excited and very humbled to be sharing the court with her again," she told reporters after her semi-final win over second seed Halep on Tuesday.
Waiting in the final will be either Spain's 14th seed Garbine Muguruza or unseeded Slovakian Magdalena Rybarikova, who meet in the other last-four clash.
Muguruza is looking to reach her second Wimbledon final, having been beaten by Serena Williams in 2015, while Rybarikova, the world number 87, is the lowest-ranked player for almost a decade to reach the women's last four.
Follow all of the action with our live blog below...
Jo Konta vs Venus Williams may be the most high-profile match at SW19 today but the bookies' favourite to win the women's singles title is Garbine Muguruza, the Spaniard who reached the final here in 2015.
She's first up on Centre Court against Magdalena Rybarikova in just a few minutes' time.
Muguruza has already eliminated world No 1 Angelique Kerber and seventh seed Svetlana Kuznetsova on her way to the last four.
Rybarikova sends a defensive backhand long before Muguruza returns the favour with an error of her own. The Spaniard moves 30-15 up as her opponent shanks a backhand but a dreadful volley sees her lost the next point. An unreturnable serve brings up game point, which she takes with a nice backhand volley.
Muguruza, who is playing with heavy strapping on her left thigh, begins the game with an unreturnable serve before an error from Rybarikova and another unreturnable serve bring up three game points. The 14th seed squanders the first with a netted backhand but takes the other as Rybarikova produces a backhand error of her own.
The 2015 runner-up couldn't have asked for a better start.
A couple of unforced errors from Muguruza see her fall 15-30 behind on serve. The two players then trade forehand errors as Rybarikova brings up her first break point of the match... but she can't take it as Muguruza hauls the game to deuce with some good net play. A backhand error from Rybarikova follows before Muguruza seals the game with her first ace of the match.
Muguruza starts the game with a wild forehand drive volley before another missed forehand puts her 0-30 down on serve. Back-to-back groundstroke errors from Rybarikova bring the game back to 30-30... and the Slovakian nets a backhand slice to bring up set point for Muguruza, which the Spaniard takes with an unreturnable serve down the T.
Muguruza* 6-1 1-0 Rybarikova (*denotes next server)
At 40-30 up on serve Rybarikova nets forehands in back-to-back points to hand Muguruza an early break point at the start of this second set... and the Spaniard takes it with a forehand volley that Rybarikova can barely get a racket on.
Muguruza 6-1 2-0 Rybarikova* (*denotes next server)
The two players trade forehand errors in the opening couple of points before Muguruza fires down an ace followed by a cross-court forehand pass to bring up two game points... of which she needs just one as she produces another ace.
Needless to say, it's all one-way traffic at the moment.
Muguruza 6-1 4-0 Rybarikova* (*denotes next server)
Muguruza approaches the net in the first three points of the game, winning two and losing one of them. A backhand winner down the line follows before the Spaniard switches it up, this time hitting a backhand winner cross court, to take the game.
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