Wolves will face a trip to the winners of Watford and Tranmere in the fourth round of the FA Cup – if they win their replay away to Manchester United.
Nuno Espirito Santo’s side were part of the first pairing out of the draw, and if they overcome United at Old Trafford, face a tricky tie whoever wins the other replay, after Micky Mellon’s League One side came from 3-0 down to rescue a 3-3 draw at Vicarage Road.
If it’s Watford, Wolves have an early chance of Cup revenge after last season’s 3-2 extra-time semi-final defeat at Wembley.
They met the Hornets as recently as New Year’s Day in the Premier League, going down 2-1 to Nigel Pearson’s improving side at Vicarage Road.
Wolves played Tranmere for 10 seasons in a row in the 1990s in the second tier, but they haven’t met since drawing 1-1 on New Year’s Day 2014 after Dave Edwards cancelled out Ryan Lowe’s opener in the record-breaking League One title-winning season.
They have beaten the Wirral side 1-0 at Prenton Park on both occasions they have played in the Cup, in January 2010 thanks to Matt Jarvis and in January 1983 courtesy of Kenny Hibbitt’s last Cup goal for Wolves.
The matches will be played between Friday, January 24 and Monday 27th.
Elsewhere in the draw, Albion head coach Slaven Bilic and his assistant Julian Dicks face a trip to their old club West Ham.
Birmingham could be the away team at their own stadium if Coventry, who are sharing St. Andrew’s with Blues this season, beat Bristol Rovers in their replay.
Shrewsbury Town from League One – managed by former Wolves captain Sam Ricketts – have the carrot of entertaining Premier League leaders Liverpool, if they can overcome Championship Bristol City in their replay.
Holders Manchester City face Fulham, while Chelsea also play second-tier opponents, away at Hull City.
Leicester, second in the Premier League, meet Championship side Brentford.
Arsenal’s reward for beating Championship leaders Leeds 1-0 on Monday is a trip to Bournemouth.
Sixteen Premier League teams remain in the competition, while Keith Curle’s Northampton, ninth in League Two, are the lowest-ranked side who will definitely be playing in the last 32 and they are at home to Derby from the Championship.
Carlisle, 21st in League Two, are the only other side from the fourth tier left in the tournament, although they face a third-round replay at home against Championship side Cardiff. The winners of that game take on either Reading or Blackpool.
Fourth round draw in full:
Watford or Tranmere v Wolves or Manchester United
Hull City v Chelsea
Southampton v Middlesbrough or Tottenham
QPR v Sheffield Wednesday
Bournemouth v Arsenal
Northampton v Derby County
Brentford v Leicester City
Millwall v Sheffield United
Reading or Blackpool v Cardiff or Carlisle
West Ham v Albion
Burnley v Norwich
Bristol Rovers or Coventry v Birmingham
Manchester City v Fulham
Rochdale or Newcastle v Oxford
Portsmouth v Barnsley
Bristol City or Shrewsbury Town v Liverpool