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The £825,000 tournament features the top four players in the PDC Order of Merit joined by six Wildcards as they tour some of the largest arenas in the UK, Ireland and Europe over four months of round-robin action.
The season will include Judgement Night after eight weeks - where the bottom two players in the table are eliminated after the players have faced each other once in the league phase.
The remaining eight players then continue their battle to secure places at May's Play-Offs in London, where the top four from the final league table will compete for the title.
World number one Michael van Gerwen is bidding for a third consecutive Premier League crown, having won the title in 2013, 2016 and 2017, topping the table on all three occasions.
Van Gerwen is joined as automatic qualifier by world number two Peter Wright - last year's beaten finalist, reigning World Champion Rob Cross and two-time Premier League champion Gary Anderson - the world number four.
Cross is one of four debutants in this year's line-up, with World Grand Prix champion Daryl Gurney, Champions League winner Mensur Suljovic and UK Open runner-up Gerwyn Price also drafted in for the first time.
Simon Whitlock returns to the Premier League for the first time since 2014, while Michael Smith makes his second appearance in the prestigious invitational.