With all the big guns out of the competition, Manchester United are favourites to lift the trophy.
The Red Devils have been drawn to face Nottingham Forest over two legs for a place in the final at Wembley.
United defeated League One side Charlton Athletic 3-0 at Old Trafford on Tuesday while Forest beat Wolverhampton Wanderers 4-3 on penalties after a 1-1 draw.
Southampton's reward for knocking out Manchester City with a 2-0 victory at the Saint Mary's stadium on Wednesday, is a date with high flying Newcastle United.
Newcastle saw off Leicester City 2-0 on Tuesday.
The semi-final games will be played over two legs, with the first taking place in the week commencing January 23 while the second legs will be completed by January 30, 2023.
The final will take place at Wembley on February 26.
Liverpool are the current holders of the competition after beating Chelsea on penalties last season.
