Scottie Scheffler leads the Charles Schwab Challenge by two strokes coming into the final round, shooting a two-under 68 in Saturday's third round.

The world number one sits at 11-under coming into the final 18 holes at Colonial, after facing tricky conditions with intense heat and heavy wind gusts.

After posting bogey-free rounds on Thursday and Friday, Scheffler almost made it three rounds in a row but three-putted the par-four 17th for bogey.

He bounced right back with a long birdie putt on the 18th to close out the round on two-under, leading Brendon Todd and Scott Stallings on nine-under.

After missing the cut last weekend at the US PGA Championship, his first cut since his season start in October, the Masters champion could win his fifth PGA Tour title on Sunday.

Those five wins would come from a phenomenal 10 starts, after taking out the Phoenix Open at TPC Scottsdale in February, and would emulate Tom Watson's 1980 feat of five wins before the start of June.

Harold Varner III is in the running for his maiden PGA Tour victory, sitting a further stroke back from Todd and Stallings on eight-under after three rounds, also shooting a two-under 68 on Saturday.

John Huh, Cam Davis, Chris Kirk and Patrick Reed share a four-way tie for fourth on seven-under.

Also shooting a third-round score of 68 was Mito Pereira, finishing strong with three birdies over the closing five holes, including a long 15-metre putt to secure a birdie on the 18th.

Pereira is coming off his dramatic collapse on the final hole at the PGA Championship last weekend, missing the playoff between Justin Thomas and Will Zalatoris.

Both Thomas and Zalatoris have gone on from that performance at Southern Hills to miss the cut this weekend in Fort Worth.