Frenchman Gasquet will fancy his chances of stopping Lopez winning back-to-back titles at the Wimbledon warm-up event after easing past Denis Istomin of Uzbekistan 6-4 6-2.
After taking the first set Gasquet saved two break points in the first game of the second before romping away with the victory.
In the women's competition, German fifth seed Angelique Kerber fought her way to a final with Madison Keys after beating Dane Caroline Wozniacki 3-6 7-6(3) 6-3.
Former world number one Wozniacki won the first set comfortably before Kerber took the second in a tiebreak.
Both players battled to hold their serve in the decider with six breaks exchanged at the start.
Wozniacki broke when 5-2 down but again failed to hold, allowing Kerber to reach her second Eastbourne final.
"I'm really happy about my game," Kerber told the WTA website (www.wtatennis.com).
"Caroline is tough opponent and I think we played tough match and a really high level. I enjoyed it out there and I'm happy to be in the final. I'm feeling very good on grass and I like the surface - it suits my game."
American Keys beat local hope Heather Watson 6-3 6-1 to reach her first WTA final.
The world number 47 won close to 80 percent of her first serve points to set up a clash with Kerber, who has won their two previous meetings.
(Reporting by Josh Reich, editing by Pritha Sarkar)
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