The Merseyside Derby cup edition fixture will take place on the weekend of January 5th, just after the Blues host Manchester United on New Years Day.
Sam Allardyce will be hoping his new side go better than they did last season under Ronald Koeman as the Blues were dumped out in the third round at home to Leicester City.
The last time the two sides met was back in 2012 when Liverpool triumphed over the Blues in the semi-final of that years competition.
Kenny Dalglish’s side were then beaten by Chelsea in the final later that season.
The two sides also meet this weekend at Anfield in the 229th Merseyside Derby.
A trip to Anfield is an absolute dreaded prospect for Everton fans at the best of time - they have not won at Anfield since September 1999 - but in the FA Cup, it’s an extra blow as it’s likely another chance at Silverware denied at an early stage.
The Blues have had four trips to Wembley in recent years, beating Manchester United in one semi-final before being handily beaten by Chelsea in the subsequent final.
Former boss David Moyes led his side back to Wembley against Liverpool in 2012 where the Blues took a first-half led thanks to a Nikica Jelavić goal.
The Toffees threw the game away in spectacular fashion following an early second-half goal from Luis Suarez and then a late, late winner from Andy Carroll.
Roberto Martinez also saw his side suffer a late defeat against United in 2016 just before he was released from his duties as Everton manager.
The FA Cup starts just as the madness of the December festive fixture begins to slowly come to an end.
Before the Blues take on their rivals, they host Manchester United at Goodison Park on New Years Day, after a quick turnaround from facing AFC Bournemouth on December 30th.
Allardyce’s squad will then travel to Wembley to take on Tottenham Hotspur, hoping that it wont be the last time they play under the famous arch this season.