Liverpool are the current holders of the competition but Manchester City have won it six times in the last eight years.
Jurgen Klopp's side defeated League One opponents Derby County on penalties on Tuesday after a goalless draw while Pep Guardiola's men beat Chelsea 2-0 at the Etihad Stadium.
Elsewhere Brighton and Hove Albion's reward for knocking out Arsenal is a date with Charlton Athletic.
Eddie Howe will welcome his former side Bournemouth to Saint James' Park to face Newcastle United and Manchester United will host Burnley after seeing off Aston Villa 4-2 on Thursday.
The Carabao Cup fourth round fixtures will be played on the date commencing December 19 after the FIFA World Cup in Qatar.
Full draw:
Wolves v Gillingham
Southampton v Lincoln City
Blackburn Rovers v Nottingham Forest
Newcastle v Bournemouth
Manchester City v Liverpool
Manchester United v Burnley
MK Dons v Leicester
Charlton v Brighton
