Wolves are currently in sixth position in Division One and are in tremendous form after a poor start to the season.
The game will be a repeat of the 1908 FA Cup final and on that occasion Wolves were 3-1 winners.
Darlington face Conference side Farnborough, after on-loan Toon striker Richard Offiong scored twice to help them beat Stevenage 4-1 in the second round on Saturday.
The full draw is:
Leicester v Bristol City
Scunthorpe or Carlisle v Leeds
Gillingham v Sheffield Wednesday
Chelsea v Middlesbrough
Ipswich Town v Morecambe
Preston v Bristol Rovers or Rochdale
Manchester City v Liverpool
Shrewsbury Town v Everton
Southend United or Bournemouth v Crewe
Plymouth Argyle v Dagenham & Redbridge
Cambridge United or Northampton v Millwall
Bolton v Sunderland
Darlington v Farnborough
Walsall v Reading
Fulham v Birmingham City
Stoke City v Wigan Athletic
West Ham v Nottingham Forest
Charlton v Exeter City
Sheffield United v Cheltenham
Aston Villa v Blackburn Rovers
Cardiff City v Coventry City
Wolverhampton Wanderers v Newcastle
Southampton v Spurs
Norwich City v Brighton
Arsenal v Oxford United
Grimsby Town v Burnley
West Brom v Bradford City
Rotherham United v Wimbledon
Brentford v Derby County
Blackpool v Crystal Palace
Manchester United v Portsmouth
Macclesfield Town v Watford
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