Michelton-Scott will become the first Australian cycling team to win a Grand Tour event with Britain's Simon Yates all but assured victory in the Vuelta a Espana.
The 26-year-old Michelton-Scott rider has finished third in the 20th and penultimate stage and will take a lead of one minute 46 seconds into Sunday's final processional stage in Madrid.
The ceremonious stage stands between Yates and his first Grand Tour - and the first Australian men's team to win a Grand Tour in history.
Michelton-Scott's previous best result in a Grand Tour was Colombian Esteban Chaves who finished second 2016 Giro d'Italia.
"I'm incredibly proud of the team," Yates said.
"They have carried me through this entire three weeks. It's the first Grand Tour for the team, it's just unbelievable."
Yates is set to complete an unprecedented clean sweep of this year's Grand Tours by British riders after Chris Froome's Giro d'Italia win and Geraint Thomas's victory at the Tour de France.
Spain's Enric Mas, riding for Quick-Step Floors, and Colombia's Miguel Angel Lopez, for Astana, finished first and second to put themselves on to the general classification podium with one stage remaining.
The victory will come as a relief for Yates, who led the Giro d'Italia in May for 13 stages before running out of gas as Froome clinched the title.
"In the last climb, I was really at my limit," Yates said.
"Lopez and Mas they were really incredible in the final. I just tried to make my own rhythm. That was it, really. I gave it everything I had and thankfully it was enough."
Movistar's Alejandro Valverde entered the 97km stage in second place but he cracked on the final climb and lost more than three minutes.
The 38-year-old former winner slipped to fifth place in the overall standings.
Sunday's 21st stage is a flat 101km ride from Alcorcon to the Spanish capital.
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