A metallic glass is known to be often formed more easily by cooling of an alloy melt whose composition is near a deep eutectic. However, the eutectic solidification kinetics, which is closely related to the glass-forming ability (GFA), is rarely reported. In this paper, directional solidification of such a glass-forming eutectic alloy (Zr48Cu36Al8Ag8) has been conducted to investigate the eutectic growth kinetics in terms of the evolution of eutectic structure as a function of the growth rate (V). It was found that, at lower growth rates, the alloy solidified in a dual-phase lamellar structure characterized by the lamellar spacing (λ), with Vλ2 being a constant. As V increased up to a critical value of 400 μm/s, λ decreased and eventually diminished (λ→0), where the eutectic transitioned into a glass. This critical growth rate (i.e., Vce) can be interpreted as a result of the competition between the glass formation and the eutectic growth, in which the glass formation sets a kinetic upper limit for the eutectic growth. Moreover, Vλ2 is found to be kinetically equivalent to Vce, which can be used as a GFA indicator and is readily measurable at low growth rates.