The world number 74 carded his second bogey-free round of the tournament, having gone round in 65 on Thursday, to set the lowest 54-hole score (22 under) on the European Tour this season.
Nine birdies, including three in a row from the first hole, in a sensational performance on Saturday from the Frenchman leaves him well clear of nearest challenger Jamie Donaldson, with Marcel Siem a further stroke behind on 17 under.
An eagle at the 16th helped Welshman Donaldson keep the pressure on Levy and his 10-under 62 was a vast improvement on his previous two days, when he recorded back-to-back 68s.
Justin Rose must be wondering what could have been following his level par opening round as he matched Levy's nine birdies to sit back on 15 under overall.
Overnight leader Nicolas Colsaerts had a day to forget as his title challenge unravelled thanks to dropped shots at the fourth and 11th and a double bogey on the 18th.
While Colsaerts, now 13 under, comes to terms with his Saturday collapse, Levy is contemplating his third career European Tour win following his title success at the Portugal Masters last month and the
Volvo China Open in April
"I played amazing golf," Levy told the European Tour's official website.
"I'm very surprised by myself. I started well and made some early birdies and hit some amazing shots.
"I am very happy with the way I played golf."