I haven't been able to find that function within player
There is actually no function in VMware Player to do that.
If needed, install the 60 day trial of VMware Workstation.
Any VMware product in the chart above, with the exception of VMware Player, is able to upgrade the version of a virtual machine's hardware to the highest version that it supports
It may be as simple as manually editing the .VMX file for the virtual machine.
Power off the VM, do not just suspend it.
Navigate to the folder containing the VM
Make a copy of the existing .VMX file, it will be the one where the icon has just the three blue squares of the VMware logo.
If possible, make a copy of the entire VM... just in case.
Open Notepad and then drag the original VMX into Notepad's window.
Change config.version to "8"
Change virtualHW.version to "7"
Save the file, then double-click on the .VMX to open it.
If a WIndows VM then you should get prompted about changed hardware
Install the newer VMware tools to get newer drivers, etc.
Let us know how it works. What OS is the VM?
It works for me. Player 3.
Host system: linux. Guests: Windows & Linux.