The 27-year-old from Milton Keynes held his nerve to birdie the last and card an eventful 68, containing six birdies, an eagle, two bogeys and a double bogey, for a 16-under-total of 200.

And Price matched his playing partner’s score with a typically understated round containing four birdies and no dropped shots.

Poulter began the day two shots clear of Welshman Price, the man who just beat him to the last automatic qualifying place for last year’s Ryder Cup.

But he soon doubled his advantage with a birdie on the first and brilliant eagle on the second, firing his long-iron approach to the 613-yard par five to within four feet of the flag.

Six pars followed before Poulter birdied the ninth to turn in 32, and when he rattled in a hat-trick of birdies from the 11th, the former rookie of the year was 19 under par and six shots clear.

However, errant tee shots on the next two holes cost him consecutive bogeys, and with Price having matched his birdie on the 13th and saved par on the 15th, the gap was down to four.

And there was much worse to come for Poulter, who has been battling a bout of tonsillitis all week.

From a fairway bunker on the 16th, his second shot flew over the green into very thick rough, and from there he was only able to hack the ball forward a few feet.

Attempting a delicate chip to the green, Poulter then fluffed his next shot a similar distance and after chipping eight feet past, commendably held his nerve to hole out for a double-bogey six.

By then Price had holed out for a birdie three and a three-shot swing which brought him within one of the lead.

Neither played could find the green in two on the par five 18th, but Poulter played a superb pitch from heavy rough to four feet for a closing birdie.

“Dropping a few shots at the end has given hope to a few others but the way I’ve been playing golf the last few days, somebody is going to have to do something special to beat me,” said Poulter.

“I’ve probably hit it better today than I have all week. There were a few hiccups on the back nine but I’m striking the ball so purely I’m delighted.

“If I can do the same tomorrow there is no reason why I can’t be in the same position going into the back nine.”

Price admitted he would have to raise his game on Sunday to overhaul Poulter and claim only his third European Tour title.

“I was pretty pleased with four under but rather than making a lot of birdies I’m not making many mistakes,” said Price, who lives just a few miles from the course in Newport. “It was not very exciting out there.

“Ian made a couple of bogeys towards the end to let us all in but I need to make a few more birdies, four under tomorrow is not going to cut it.

“It would be fantastic to win, I’ve only won twice and that something I need to alter. I want to become a winner, a champion and I have to keep improving until the wins come.”

Price was one ahead of Swede Fredrik Jacobson with Australian Jarrod Moseley and Scot Andrew Coltart another stroke back on 12 under.

Moseley had earlier set the clubhouse target after smashing the course record by two shots with a flawless 63.

The 30-year-old raced home in just 30 shots with birdies at the 10th and 11th and each of the last four holes, to card a 63 and 12 under total of 204.

Like Poulter, Moseley has not been feeling 100% this week, but carded nine birdies, eight of them from within 10 feet, after some superb wedge play.

“I wasn’t well at the PGA last week,” said Moseley. “My little girl was ill the week before and I picked up her cold but thanks to the natural vitamin C with this sunshine, it’s getting better and 63 helps.

“I’ve shot 63 twice before, including once at Wentworth (in 2002), so last week was frustrating that I couldn’t make the most of that week.

“But my wedge play has gone from about the worst on tour to the best after my coach, Brad Gallant, flew in from Singapore to work with me at the PGA.”