McIlroy, playing some of his best golf, followed up his amazing driving and iron play with excellent putting on the green today to shoot four-under 68 after 66-66 in first two rounds.
Starting six shots ahead of Fowler, he stayed six clear after both were tied at 12-under after 12 holes. Sergio Garcia (69) was third with yesterday's hero Dustin Johnson (71) at nine-under 207.
Five players, Matteo Manassero (68), Adam Scott (69), Robert Karlsson (70), Jim Furyk (71) and Charl Schwartzel (72) were tied for seventh at 210.
For the record, Tiger Woods, the last man to win at Hoylake in 2006, is at three-over 219 in tied 58th place and 19 shots behind McIlroy.
Both McIlroy and Fowler are 25 and are considered to be among the two best young talents in world golf, though Fowler is yet to win a Major.
McIlroy, when asked about it said,"It would mean a lot of hype going into Augusta next year (laughing). It would be (great) -- not a lot of people have achieved the career Grand Slam.
And if everything goes the right way tomorrow to get to that three-quarters of the way there is some achievement by the age of 25. I'd be in pretty illustrious company. So not getting ahead of ourselves, here, but yeah, it would mean an awful lot.
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