SOLVED! - VMWare "could not find component in update server. Contact VMware support or your system administrator."

When clicking on the Install VMWare Tools..., error message "could not find component in update server..."

To solve this problem, follow this shortcut and download the appropriate VMWare Tool package. The files are in TAR format, you may need to download tools like PeaZip.

Source: http://softwareupdate.vmware.com/cds/vmw-desktop/player/4.0.1/528992/

Look for the "packages" folder according to your guest OS system, choose the right package file.

Note that the above shortcut is for version 4.0.1 Player. If your VMWare Player is of a different version, please browse upward to the right folder for the VMWare Tools package files.