The world No1 was among the big favourites to claim a second global title in 2023, but was brushed aside 5-1 by Germany’s Gabriel Clemens in a major upset in the evening session on New Year’s Day.
The divisive Price courted controversy by donning ear defenders and ear plugs in an attempt to drown out the significant crowd noise during the fifth set in the last-eight match.
However, such an unexpected move did not pay off as Clemens became the first German player ever to reach the semi-finals of darts’ biggest tournament.
Price later bemoaned his defeat on social media and suggested via an emotional post on his Instagram Stories that he may have played in the competition for the final time.
"So frustrating you play all year round preparing for this one tournament. So gutted I wasn't let play but good luck everyone left in,” he wrote.
"Not sure I will ever play in this event again."
Clemens will face Michael Smith in the semis on Monday after last year’s losing finalist overcame Stephen Bunting 5-3 earlier on in the afternoon session.
Favourite Michael van Gerwen remains on track for a fourth world title after demolishing England’s Chris Dobey 5-0 in a whitewash.
Now left standing between the Dutchman and another final berth is Belgium’s Dimitri van den Bergh, who overcame Wales’ Jonny Clayton to reach the last four for the first time in his career.