The 24 year old Spaniard - who was the first amateur to win in European Tour history in 2007 - reached seven under par for the week after three holes courtesy of his impressive start to the third round.
That put him just one behind South African rookie Michael, who bogeyed his opening hole to see his advantage halved.
Michael's compatriot Alex Haindl and England's Robert Rock were level with Martin on seven under after safely paring the opening hole.
Meanwhile former Ryder Cup hero Phillip Price fared best of the early starters, completing a four under par round of 68 to climb into the top 20.
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