Using an old VM from intel apple on M2 Ultra studio

It's been years since I played with VMware. Mainly since Apple upgraded to 64bit. I used it to run Win XP so I could play my old favorite windows games that wouldn't work on wineskin from the '90s and '00s.

I now have an M2 Ultra Mac Studio.

I was curious if there was a way to convert my old Win XP VM to work with newer VMware apps. I have the image from my previous computer (late 2015 iMac) with Win XP and all my games.

Mainly, I just don't want to have to go through the hassle of reinstalling everything and all the games.

If I can't convert the old image, is there a way to "copy and paste" or transfer the windows virtual machine to a new image file in a newer VMware app?

Or am I just being too hopeful that there is an easy fix?

TIA