Vincenzo Nibali is poised to win the Giro d'Italia for the second time after earning the race lead ©ANSA - PERI / DI MEO / ZENNARO

Italy’s Vincenzo Nibali produced a stunning display on the penultimate stage of the Giro d'Italia to snatch the overall race lead from Colombia’s Esteban Chaves and move to the brink of winning the Grand Tour for the second time in his career.

The 31-year-old had appeared out of contention for the overall victory at the International Cycling Union World Tour race just days ago having been nearly five minutes adrift of former leader Steven Kruijswijk of The Netherlands at one stage.

A superb performance yesterday, coupled with Kruijswijk’s unfortunate crash, had seen Nibali’s fortunes dramatically shift as he moved to just 44 seconds behind Chaves, the new wearer of the Maglia Rosa.

With his Astana team setting a fearsome tempo in the early stages of the 130km route from Guillestre to Sant'Anna di Vinadio, Nibali looked to crack Chaves.

The Colombian and Spain’s Alejandro Valverde were able to follow a Nibali attack on Colle della Lombarda, the final climb of the 99th edition of the race.

A second attack inside the final 12 kilometres saw Nibali finally break clear of the duo, with the 2013 winner starting to eat into Chaves’ advantage.

While the finale in the general classification was unfolding, Estonia’s Rein Taaramae earned the stage victory from a breakaway group, crossing the line in a winning time of 4hrs 22min43sec.

Nibali was nearly seven minutes down on the stage winner, but attention turned to whether the home favourite had done enough to wrestle the race lead away from Chaves, who was struggling in the closing kilometres.

Esteban Chaves was unable to preserve his lead and looks set to end as the runner-up
Esteban Chaves was unable to preserve his lead and looks set to end as the runner-up ©Getty Images

Chaves eventually finished 1min 36sec down on Nibali, with the Colombian dropping to second place in the standings, 52 seconds behind his rival.

"It’s amazing, I didn’t believe I could win the Giro, it’s been a spectacular day really,” said Nibali, who has also won the Vuelta a España and Tour de France during his career.

“I’ve benefited from an enormous amount of work by my team.

“I rode without the fear of losing anything but after yesterday, I understood that I was able to win the Giro.

“I attacked when I saw the others suffering, it’s wonderful.”

With Kruijswijk struggling due to a rib injury sustained in yesterday’s crash, Valverde managed to move into third place and now lies 33 seconds ahead of the Dutchman.

The general classification is unlikely to change tomorrow, with a 163km flat stage from Cuneo to Torino due to bring the Grand Tour to a close.