Canizares turned in a 4-under 68 in his third round at Wentworth Club for a three-round score of 9-under 207.
Canizares, who won the Russian Open in 2006, finished the day with the best putting performance in the field and seventh-best driving accuracy. Birdies on the 17th and 18th holes helped make up for bogeys on 13 and 15.
Sergio Garcia turned in a 68 and moved into tie for sixth place. Second-round leader Francesco Molinari stumbled to a 73 and was 5-under for the tournament, along with his brother, Eduardo, who shot a 69 Saturday.