It follow's Town's wins in previous rounds against Chester City in Round Three following a replay and Saturday's victory over Swansea City at Portman Road.
There will be at least one non-Premiership side left in the quarter-finals after Championship outfits Plymouth Argyle and Derby County were paired together, and there is a London derby to look forward to as Fulham play Tottenham at Craven Cottage.
The ties take place over the weekend of 17 and 18 February.
Full Draw:
Chelsea v Blackpool or Norwich City
Watford v Ipswich Town
Preston North End v Manchester City
Plymouth Argyle v Derby County
Manchester United v Reading
Arsenal or Bolton v Blackburn Rovers
Bristol City or Middlesbrough v WBA
Fulham v Tottenham