Molinari, the Open champion, held off Woods at Carnoustie in the same final round group to win the Claret Jug last July.
The Ryder Cup hero has played outstanding golf over the first three rounds, making just one bogey all tournament, and has a two-shot cushion.
But Tiger Woods, 43, has turned back time at this Masters and with the backing of his home support who went crazy as he posted his lowest round at Augusta for eight years on Saturday, Faldo thinks he is the man to beat once again.
“He is feeling good physically, technically and mentally. He’s got a little bit of that old Tiger Woods mystique about him and a little bit of that fear factor. He has certainly got everyone’s attention,” said former Masters champion Faldo.
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“This resurgence has been quite amazing. He’s had his win at East Lake last year. He was a fantastic frontrunner that day. We will see if he is able to get out in front and hold them off.”
Woods’ 67 gave him a share of second place alongside Tony Finau who will join Molinari in the final threeball in a final round reshaped and moved forward to beat the bad weather forecast today.
He admits he will feel the nerves as he takes the stage within touching distance of history.
“I always thought that if you care about something, you’re going to feel pressure and I’ve always felt it, from the first time I remember ever playing a golf tournament to now,” said Woods.
“That hasn’t changed. The day I don’t feel pressure is the day I quit.
“It’s been a while since I’ve been in contention here but the last two Majors count for something.
“I’ve been in the mix with a chance to win Major Championships in the last two years and so that helps.
“You’ve got to be committed, hit the proper shots and then hopefully I time it right.
“I’m just thankful to be able to come back here and play again. Last year was a step in the right direction and I built a season around that and now here we are.”