How to make an object travel in a circle

I have a very specific idea for how to achieve something.
I want to have a circle in the center of the screen, that acts as a planet.
Then, I’d like a character that (slightly above the planet circle) travels around it clockwise, like so ;

When a button is pressed, the distance between the planet and player gets smaller (the planet pulls in the player so to speak), and when released, the player returns to their original position above the planet. How can I achieve this?

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I’d like to know how to replicate this as well

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There is very nice example: “object gravity”, very similar at what you looking for, you can modify this easily.

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thank you. how can I make the character go a little above the planet, and come down in button press?

Just the first thing pass on mind… Change gravity when something happen.