Magilton scored his first, and so far only hat-trick of his career when the sides met at Portman Road in May 2000 when Town beat Bolton 5-3 in the Second Leg of the play-off final to set up a final clash against Barnsley that ended in promotion for Town.
Speaking of the chance to face Sam Allardyce's side again in January, Magilton told the Official Club Website: "It's a great draw for us, at home against Premiership opposition and it obviously brings back memories of the Play-Off game.
"It was one of the highlights of my career, scoring a hat-trick in such a big match and it turned out to be a fantastic night for the fans and the Club in general.
"The Cup has still got that bit of magic about it as well. I have never gone further than the Quarter-Finals and would love to beat that record this year."