Jordan Spieth entered Sunday nine strokes off the pace but ended up tying the course record for low score, shooting an 8-under to finish just two strokes behind Reed at 13-under. He still has never turned in three straight over-par cards at Augusta.
Both Reed and Fowler par 15 and 16 respectively.
While Reed had established his championship credentials with five PGA Tour wins and runnerup finish at the last major the 2017 PGA Championships at Quail Hollow, Reed, who had never had round under 70 at Augusta National, was not rated among the hot favorites when the year's first major got underway.
The loudest cheers were for everyone else.
With McIlroy out of the running after missing a series of short putts, Spieth came from nine behind at the start to earn a share of the lead with Reed when he rolled in his ninth birdie putt of a potentially record-breaking round at the 16th.
Dating to 1991, with the exception of Zach Johnson in 2007 (T-4th), Bubba Watson in 2012 (T-3rd), Adam Scott in 2013 (3rd) and Danny Willett in 2016 (T-5th), each Masters champion has been T-2nd or better after 54 holes. He made that for par to stay in control.
The last 21 Masters winners all started the last round within four strokes of the lead, so chances are Reed and McIlroy will have a one-on-one duel for the green jacket.
"I didn't finish the way I wanted to, but it was great out there, the atmosphere and everything, it was fantastic", said Shubhankar. "He won't back down".
But to keep climbing, he will need to work on some parts of his game that have held him back at the Masters. I mean, I have no idea, and honestly, I don't really care what people say on Twitter or what they say if they are cheering for me or not cheering for me. He has four birdies and three bogeys. It still wasn't enough.
Patrick Reed and his par-5 prowess versus Rory McIlroy and his penchant for clutch shots. "Given the fact that I was playing well coming in, my practice sessions have been good, I just have not executed the way that I have been".
"You had to do it didn't you?"
Naturally, McIlroy and Reed got the last tee time for Sunday after outstanding third rounds left them atop the leaderboard. 'It's insane how more they break, ' he said, and he never got to grips with this on any day.
And now he's headed into the weekend feeling confident he's got a shot at slipping on a second green jacket. It's 171 yards and holds up towards the back of the green, eight yards from the hole. His only late blemish was missing a 9-foot par putt at No. 18. He had to settle for a 64. I always have said that 2011 was a huge turning point in my career. It was possibly the highest score I could have shot today.
Of course, he's going to have to play some awesome golf to hold off Rory McIlroy, who is in search of his first green jacket and completion of the career grand slam, but Reed has faced McIlroy before.
When Tiger Woods knocked one into the water at Amen Corner for the second day in a row, he headed off toward the Nelson Bridge while his two playing partners took a more familiar route to the 12th green over the Hogan Bridge. That was as close as he came.
"I've given myself another chance, another shot at doing something special", McIlroy said. He closed with a 74 and tied for fifth.
Champion: Patrick Reed reacts after winning the Masters tournament.
He was met with polite applause on the first tee.