The Magpies were drawn against Darren Moore's Owls, who currently occupy third place in League One, on Monday evening and the cup clash will take place on Saturday, 7th January at Hillsborough. Kick-off is set at 6pm (GMT).
Newcastle, who have won the trophy six times in their history, last met Wednesday in the FA Cup back in 1980/81 as the Magpies claimed a 2-1 win in a third round meeting at St. James' Park, courtesy of Chris Waddle's brace.
The away tie will be broadcast on BBC One as well as BBC iPlayer, with ticket details to be confirmed on nufc.co.uk in due course.