Travis Binnion's side have progressed to the last 16 of the competition and will meet Wanderers' senior team in what should be an unbeatable experience for the Academy prospects.
The tie is taking place on Tuesday 13 December, kicking off at 19:45 GMT.
After topping our group, the Reds defeated Wolves' Under-21s at Molineux, following a penalty shoot-out, with keeper Nathan Bishop saving two of the home side's spot-kicks.
Rotherham United lifted the trophy last term and the final is being played at Wembley on Sunday 26 February.
Only three Premier League clubs are still involved, with Chelsea through but Everton needing to get past Mansfield Town to reach the last 16.