Rafael Nadal has reached his first Grand Slam semi-final since 2014 ©Getty Images

A dream Australian Open final between Rafael Nadal and his arch-rival Roger Federer remains a possibility after the Spaniard cruised past third seed Milos Raonic today in Melbourne Park.

It came as older players continued to prosper in both the men's and women's singles competition with six of the eight semi-finalists across the two events are over the age of 30.

Fourteen-time Grand Slam champion Nadal was pushed-close in all three sets by his big-serving Canadian opponent, but he ultimately prevailed 6-4, 7-6 (7), 6-4.

It means he reaches a Grand Slam semi-final for the first time in almost three injury-ravaged years since he won the French Open in 2014.

The 30-year-old will face 15th seed Grigor Dimitrov for a place in the final after the Bulgarian won 6-3, 6-2, 6-4 against Belgium's David Goffin. 

Grigor Dimitrov will face Rafael Nadal in the semi-finals ©Getty Images
Grigor Dimitrov will face Rafael Nadal in the semi-finals ©Getty Images

"I think I am not a very arrogant person so I always have doubts," said Nadal, who lost in the first round to fellow Spaniard Fernando Verdasco 12 months ago.

"Even when I was winning I had doubts and even more so when I had injuries. 

"But doubts make you work harder.

"I have had a great career but I had some tough moments so that makes me enjoy moments like this even more."

Swiss duo Roger Federer, 35, and Stanislas Wawrinka, 31, will meet in the other half of the draw tomorrow.

Six-time champion Serena Williams was similarly dominant in the women's draw after outplaying Britain's rising star Johanna Konta.

The 25-year found a perfect blend of power and consistency to prevail 6-2, 6-3.

Serena Williams proved too strong for Britain's Johanna Konta in the women's singles ©Getty Images
Serena Williams proved too strong for Britain's Johanna Konta in the women's singles ©Getty Images

She will next face unseeded Croat Mirjana Lucic-Baroni, who beat the Czech fifth seed Karolina Pliskova 6-4, 3-6, 6-4.

Lucic-Baroni, 34, had claimed the Australian Open doubles title aged 15 alongside Martina Hingis in 1998 but has struggled to make an impression over the last 15 years.

Serena's 36-year-old sister Venus takes on fellow American Coco Vandeweghe tomorrow in the other semi-final.

Vandeweghe and Dmitrov, both 25, are the only players in their 20s to reach the last four in either draw.