Gossett, who has six top-10 finishes on the Buy.Com Tour this season, shot a 7-under-par 64 to move into first place at the John Deere Classic in Silvis, Ill.
Kent Jones (64) is one back at 10-under. Edward Fryatt is two off the lead following a 67.
Eight players are tied for fourth place at 8-under; including last week's runner-up Paul Gow.
1997 U.S. Amateur champion Matt Kuchar (66) is in a group at 7-under-par.
Gossett, the '99 U.S. Amateur champion, turned professional last year and played in the maximum seven events extended to him through sponsors exemptions. He missed all seven cuts.
This year, hes gotten good footing on the Buy.Com Tour. Currently 14th on the money list, Gossett has finished inside the top-10 in his last four starts; including a tie for second two weeks ago in the Wichita Open.
This is Gossetts fifth PGA Tour start this season. By rule, hes once again given seven sponsors exemptions.
Gossett is batting .500 this year on the big tour, making two cuts and missing two others.
Friday, he made his move up the leaderboard starting at the par-5 2nd, where he two-putted for birdie.
The 22-year-old from Germantown, Tenn., added three more birdies on his front nine to make the turn in 4-under-par 31.
Despite a bogey at the par-3 12th, Gossett made three straight birdie putts inside of 12 feet beginning at the 13th. He closed his round with a birdie-4 on the par-5 17th.
Including his performance on the Buy.Com Tour, Gossett has now fired nine consecutive rounds in the 60s.
Its encouraging to see my consistency and to shoot in the 60s just so often, said Gossett. Im gradually progressing and giving myself a chance to win golf tournaments. Thats what Im playing for.
Barring a victory this week, Gossett will try and earn his 2002 PGA Tour card via the Buy.Com Tour.
Concerning his position entering the weekend, Gossett said: Its going to be a learning experience, and Im just going to try to go out there and do what Ive done the first two days. Its obviously worked and Im just getting closer and closer to winning a tournament and hopefully I can continue that this weekend.
Winning is not out of the realm of possibility. This event has produced 14 first-time tour winners.
Man, 15 sounds good, Gossett said.
Full-field scores from the John Deere Classic