Fourth seed Cilic, victor in 2012, overpowered American teenager Stefan Kozlov 6-0 6-4 while Querrey, who triumphed seven years ago at the west London club, got the better of Australian Jordan Thompson, winning 7-6 (3) 3-6 6-3.
"I played really well throughout and Gilles was pushing me to the limits".
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Querrey, ranked 28th, has impressive pedigree on grass after lifting the Queen's trophy in 2010 and memorably shocking Novak Djokovic at Wimbledon previous year.
With Medvedev suffering a shoulder injury during the pre-match warm-up and needing lengthy treatment before he could start playing, it was no surprise Dimitrov won the first set after sprinting into a 5-0 lead.
The big-serving duo put on a spectacular show for the crowd in London, with Cilic eventually proving too strong as he ran out a 6-3 5-7 6-4 victor.
In the second semi-final of the day, a tense first set swung Lopez's way when a Dimitrov double fault presented the Spaniard with a break point that he converted thanks to an unforced error from his flustered opponent.
Fourth seed Cilic was the lone elite survivor on Tuesday when the tournament lost five-time champion Andy Murray, number two Stan Wawrinka and number three Milos Raonic within the space of a few hours.
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Cilic, aiming to become the first man since Pete Sampras in 1995 to win both the singles and doubles titles, faces playing three matches on Sunday.
Lopez, who reached the final of another Wimbledon tune-up a week ago in Stuttgart, was out-aced 16-4 by Dimitrov but controlled his service games more effectively overall. "I've been waiting so long", Lopez said. "I just had to count on certain weapons and play well at the right moments", Dimitrov said.
Cilic sent a backhand down the line to clinch the sixth game of the match and the only break of the first set.
"It wasn't easy to play the game that I wanted today, so I played a little bit more slice and simplified my game".
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