The Magpies - who have already progressed to the quarter-finals of the Carabao Cup, where they will play Brentford next month - reached the last eight last season before losing to Manchester City.
But if they are to embark on another cup run, they will need to get past the Gunners, who lifted the FA Cup for a record 14th time after a 2-1 victory over Chelsea at Wembley in August.
Newcastle and the Gunners have previously met ten times in the FA Cup - the first coming in 1901/02 when the Magpies beat Woolwich Arsenal 2-0 at the first round stage and the most recent in 2007/08, when Kevin Keegan's team were beaten 3-0 at the Emirates. In total both sides have won four ties apiece, with two draws.
This season's third round ties are set to take place across the weekend of Saturday, 9th and Sunday, 10th January 2021.
Further details will be confirmed on nufc.co.uk in due course.