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Gaia BH3 is the first observed dormant black hole (BH) with a mass of $\approx{30}$ M$_\odot$ and represents the first confirmation that such massive BHs are associated with metal-poor stars. Here, we explore the isolated binary formation channel for Gaia BH3 focusing on the old and metal-poor stellar population of the Milky Way halo. We use the MIST stellar models and our open-source population synthesis code SEVN to evolve $5.6 \times 10^8$ binaries exploring 20 sets of parameters. We find that systems like Gaia BH3 form preferentially from binaries initially composed of a massive star ($40-60$ M$_\odot$) and a low mass companion ($<1$ M$_\odot$) in a wide ($P>10^3$ days) and eccentric orbit ($e>0.6$). Such progenitor binary stars do not undergo any Roche-lobe overflow episode during their entire evolution, so that the final orbital properties of the BH-star system are determined at the core collapse of the primary star. Low natal kicks ($\lesssim$ 10~km/s) significantly favour the formation of Gaia BH3-like systems, but high velocity kicks up to $\approx 220$ km/s are also allowed. We estimate the formation efficiency for Gaia BH3-like systems in old ($t>10$ Gyr) and metal-poor ($Z<0.01$) populations to be $\sim 4 \times 10^{-8}$ M$_\odot^{-1}$ (for our fiducial model), representing $\sim 3\%$ of the whole simulated BH-star population. We expect up to $\approx 4000$ BH-star systems in the Galactic halo formed through isolated evolution, of which $\approx 100$ are compatible with Gaia BH3-like. Given the density profile of the Galactic halo we do not expect more than one at the observed distance of Gaia BH3. Our models show that, even if it was born inside a stellar cluster, Gaia BH3 is compatible with a primordial binary star that escaped from its parent cluster without experiencing significant dynamical interactions.